Here's why the Piedmont (ASX:PLL) share price jumped 10% today

The Piedmont (ASX: PLL) share price is on the move again, jumping 10% today. Let's look at what Piedmont lithium is doing on the ASX.

| More on:
Share price jump represented by goldfish leaping from small fishbowl to larger bowl

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

sdf

The Piedmont Lithium Ltd (ASX: PLL) share price jumped 10% in today's trade to close at 88 cents a share. 

The gain comes after this morning's announcement about a change in substantial holdings.

Here's a wrap of Piedmont's latest release and what else has been happening in the lithium industry lately.

BNYMC beefs up holdings, Piedmont share price shoots

The Bank of New York Mellon Corporation (BNYMC) increased its Piedmont holdings by approximately 15 million shares.

This raises BNYMC's voting power in the company to 62.99%.

The Piedmont Lithium share price was also on the move last week. The jump followed the company being granted court approval to pursue shareholder approval to redomicile from Australia to the United States.

Piedmont lists a number of benefits attached to the US move. Among them are lower compliance costs, acquisition opportunities, improved access to US capital markets, and a simplified corporate structure.

Australia's first lithium hydroxide plant dukes it out

Meanwhile, the Australian Financial Review reports that the engineers of Australia's first lithium hydroxide plant are still in court battling the Chinese entity Tianqi for roughly $39 million in fees.

MSP Engineering was appointed to build the plant for Tianqi, which is now selling part of its stake to IGO Ltd (ASX: IGO) prior to paying the engineers.

The move positions IGO amongst the predicted-to-be booming lithium industry in Western Australia. Speaking to AFR about supply and demand in the lithium market, IGO Managing Director Peter Bradford said:

With the underlying electric vehicle, clean energy thematic, the worst thing that can happen there is that the supply side is unable to meet demand and we actually slow down the roll-out of electric vehicles etc.

Piedmont share price snapshot

Piedmont Lithium focuses on the development of its 100% owned Piedmont Lithium Project in North Carolina, USA.

Over the past 6 months, the Piedmont share price blasted 872% higher.

Motley Fool contributor Gretchen Kennedy 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 Bruce Jackson.

More on Share Market News

An oil worker assesses productivity at an oil rig as ASX 200 energy shares continue to rise.
Share Market News

ASX 200 energy shares lead for the second week as world awaits US decision on Iran

ASX energy shares lifted 5.31% while the ASX 200 fell 0.49% amid the US President contemplating strikes.

Read more »

Two brokers analysing stocks.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A young well-dressed couple at a luxury resort celebrate successful life choices.
Broker Notes

These ASX 200 shares could rise 40% to 50%

Analysts at Macquarie see potential for these shares to deliver the goods for investors.

Read more »

A young man wearing glasses writes down his stock picks in his living room.
Opinions

2 amazing ASX shares I wish I'd bought earlier

I think these stocks are performing incredibly well.

Read more »

Person handing out $100 notes, symbolising ex-dividend date.
Share Market News

$20,000 invested in CBA and these ASX 200 shares 5 years ago is worth

Did these shares deliver the goods for investors? Let's find out.

Read more »

a business person checks his mobile phone outside a Wall Street office with an American flag and other business people in the background.
Share Market News

Is the 'sell America' trade back?

Institutional investors appear to be at odds with retail investors.

Read more »

Unsure man analysing data on laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing end to a disappointing week for investors this Friday.

Read more »

Six smiling office colleagues stand in a row and look at the camera.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »