As most ASX investors would be joyfully aware by now, the S&P/ASX 200 Index (ASX: XJO) is having a corker of a day. At present, the index has retreated somewhat from its intra-day highs but is still up a pleasing 1.53% and is back over 7,350 points. But let's discuss the Allkem Ltd (ASX: AKE) share price.
This ASX 200 lithium stock is having a day that puts most of the rest of the market to shame. At present, Allkem shares are up a stonking 8.96% at $9.97 each. That was after rising as high as $10.15 (up 10.9%) earlier this morning.
So what on earth is going on with the Allkem share price this Thursday?
Well, it's tricky to say. We did get some news out of the company this morning, which could be playing a role here.
As Allkem shareholders would be well aware, back in May this year the company announced that it would be undertkaing a "merger of equals" with the US-listed lithium giant Livent Corp (NYSE: LTHM). The new company, if all goes well, will be known as 'Arcadium Lithium'.
The merger has since got the green light from the Australian Foreign Investment Review Board. As well as various other international government agencies.
Allkem share price spikes amid new court date
However, today Allkem announced that a Federal Court of Australia hearing into the merger has been scheduled for 20 December later this month. Both Livent and Allkem shareholders are already due to vote on the proposed merger on 19 December.
It's possible that this news is getting investors riled up today. This does represent one of the final hurdles before the proposed merger can proceed, after all.
But we should also note that ASX lithium shares across the board are all seeing similar gains.
Take Pilbara Minerals Ltd (ASX: PLS). Its shares are presently up 8.02% at $3.77 each. Core Lithium Ltd (ASX: CXO) has gained 10.2% to 27 cents, while Sayona Mining Ltd (ASX: SYA) has rocketed 7.3% to 5.9 cents a share.
So it's also possible that Allkem shares are just getting in on this sector-wide party.
As my Fool colleague Bernd covered today, these gains in the lithium space look to be related to news out of the US Federal Reserve last night. The Fed held US interest rates steady in its December meeting, with chair Jerome Powell indicating that American inflation was coming under control.
