It's been a contentious few days on Wall Street and most S&P/ASX 200 stocks plunged well into the red this week as the ricochet effect rained down across most sectors.
But with the Dow Jones Industrial Average rising 2.3% or 567 points overnight, things have looked much healthier today, with these 3 resource stocks booking a notable recovery.
Pilbara Minerals Ltd (ASX: PLS)
Emerging lithium and tantalum producer Pilbara Minerals shot up almost 11% as the market opened today to sit at 87 cents a share after booking a predictable succession of slides over the last week.
Pilbara Minerals' share price has been on a steady upswing since September 2017 when it was priced at about 38 cents a share, but began a succession of declines this month alongside lithium peers Argosy Minerals Limited (ASX: AGY) which tumbled 7% on February 5 and Lepidico Ltd (ASX: LPD) which also fell 7% on the same day.
Pilbara only broke into the S&P/ASX 200 late 2017, and has so far logged successful results for its 100% owned Pilgangoora Lithium-Tantalum Project to close off the calendar year.
Galaxy Resources Limited (ASX: GXY)
Global lithium producer Galaxy Resources Limited followed the lithium miners' share price surge today up almost 12% to $3.20 at the time of writing.
The Galaxy share price was flying high in late 2017 and the company reported a positive cash flow of $2.67 million for the December 2017 quarter in mid-January on the back of forecasts lithium demand will increase globally over the next few years due to lithium-ion battery usage in electric vehicles and emerging technologies.
Today's substantial share price rise could herald the start of another upswing for Galaxy with analysts setting the 12-month price target at $4.30 – upgraded from a previous target of $3.80 due to the company's improved margins and success so far to ramp up operations at its Mt Cattlin facility.
Mineral Resources Limited (ASX: MIN)
Mining services and commodities production company Mineral Resources Limited was among the top three movers in the S&P/ASX 200 recovery today, with a rise of 10% to $18.50 at the time of writing.
Mineral Resources Limited manages a portfolio of contracting and processing brands including Polaris Metals and Mesa Minerals.
Mineral Resources' share price climbed steadily from mid-2017 to close off the calendar year on a high, with the company in talks about the takeover of smaller cap oil and gas exploration company AWE Limited (ASX: AWE).
Mineral Resources share price dropped 5.7% after the February 5 announcement Japanese firm Mitsui had beaten the Mineral Resources takeover bid by $76million.
But the recovery has been sharp and fast for Mineral Resources and its shareholders, with the January 31 release of a buoyant quarterly activities report and FY18 outlook of maintaining a minimum EBIDTA of $500 million and capital expenditure of between $300 million to $350 million.
