It's been a solid day for the S&P/ASX 200 Index (ASX: XJO) this Monday. As we approach the closing bell, the ASX 200 has put on a solid 0.45% at just over 7,060 points. But it's going a whole lot better for the Lake Resources N.L. (ASX: LKE) share price.
Lake Resources shares have had a corker of a day today. The ASX 200 lithium stock is currently up a pleasing 5.07% at $1.45 a share. Earlier today, the company rose as high as $1.48 a share, which was worth a rise of over 7% at the time. It's a pleasing rebound from last Friday, which saw the company shed more than 13%.
So what's gone so right for Lake Resources this Monday?
Why is the Lake Resources share price rising today?
Well, it's hard to say. Lake hasn't put out any news or announcements itself today. Indeed, we haven't heard anything substantial from the company since the quarterly activities report we saw at the end of last month. That hasn't stopped the Lake Resources share price from adding almost 30% over the past week though.
So the most likely explanation for Lake Resource's stellar share price run today might be what occurred with its fellow lithium stock Core Lithium Ltd (ASX: CXO) today.
Core Lithium shares have fared even better than Lake Resources during today's session. The company has gained a pleasing 8.16% to $1.59 a share. This follows the company releasing a well-received update to investors this morning.
As my Fool colleague Brooke covered earlier, Core Lithium revealed some promising lithium results at two of its projects, as well as some promising news regarding the presence of gold at one of them.
So it seems that this goodwill might be spilling into the Lake Resources share price today.
At the current Lake Resources share price, this ASX lithium stock has a market capitalisation of $2.02 billion.
