Why is the Core Lithium share price jumping 9% today?

This lithium miner is having a much-needed positive session.

| More on:
A man wearing glasses and a white t-shirt pumps his fists in the air looking excited and happy about the rising OBX share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Core Lithium Ltd (ASX: CXO) share price is having a strong session on Wednesday.

In morning trade, the lithium miner's shares are up almost 9% to 25 cents.

Why is the Core Lithium share price jumping?

Investors have been buying the company's shares this morning despite there being no news out of it.

However, it is worth highlighting that a number of ASX lithium shares are rebounding on Wednesday after some very heavy declines in recent sessions.

For example, even after today's gain, the Core Lithium share price remains down by approximately 10% since this time last week and a disappointing 35% since this time last month.

Why are ASX lithium shares rising?

Interestingly, last night was another tough one for lithium stocks on Wall Street. The likes of Albemarle and Livent Corp continued to sink deep into the red.

But over on the Australian share market, it seems that some investors are calling a bottom on the recent selloff.

Another theory is that short sellers could be deciding to lock in their gains after recent declines, which would put extra pressure on the buy side today. As we covered here, Core Lithium is one of a number of ASX lithium shares on the most shorted list.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Materials Shares

A happy businessman pointing up, inidicating a rise in share price
Materials Shares

Why are ASX lithium shares like Liontown having such a bumper session today?

Lithium shares are defying the broader market on Wednesday.

Read more »

A man has a surprised and relieved expression on his face. as he raises his hands up to his face in response to the high fluctuations in the Galileo share price today
Materials Shares

Why is the Chalice Mining share price rocketing 20% today?

Shareholders have a reason to smile at long last on Wednesday.

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Materials Shares

Why are Core Lithium shares taking another tumble on Wednesday?

It doesn't look like mining operations will be resuming any time soon.

Read more »

Three miners looking at a tablet.
Broker Notes

Should you buy Pilbara Minerals shares today?

We canvas the experts' views on this ASX lithium stock following last week's FY24 half-yearly report.

Read more »

Two businesspeople walk together in an office, smiling as they enjoy a good business relationship.
Materials Shares

4 directors are buying the dip on this ASX lithium stock

Insiders have been busy buying shares in this lithium miner.

Read more »

A man sees some good news on his phone and gives a little cheer.
Earnings Results

Lynas share price charges higher despite 74% half-year profit decline

Weak rare earths prices have weighed heavily on the company's profits.

Read more »

A team of people giving the thumbs up sign representing APA and Wesfarmers doing a deal to study green hydrogen transport using an APA gas pipeline
Materials Shares

Why ASX 200 investors remain upbeat on Pilbara Minerals shares

Pilbara Minerals has some unique advantages over many rival ASX lithium miners.

Read more »

A woman jumps for joy with a rocket drawn on the wall behind her.
Materials Shares

This ASX lithium share is charging 13% higher on $825m financing update

This lithium developer is ending the week on a high. But why?

Read more »