How are ASX lithium shares faring amid Wednesday's carnage?

We take a look at how some of the popular ASX lithium shares are tracking today.

| More on:
Three miners stand together at a mine site studying documents with equipment in the background

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

Key points

  • Some ASX lithium shares are rocketing higher on positive updates, while others are sinking along with the broader market 
  • The ASX 200 benchmark index is down 2.48% following a heavy sell-off on Wall Street overnight 
  • The release of the consumer price index report disappointed the market's expectations which is causing the sell-off 

ASX lithium shares are a bit of a mixed bag amid the rout across the Aussie stock market today.

At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down 2.48% following heavy declines on Wall Street overnight.

The Dow Jones Industrial Average Index (DJX: .DJI) tanked 3.94%, along with the tech-heavy NASDAQ-100 (NASDAQ: NDX) losing 5.54% and the S&P 500 Index (SP: .INX) shedding 4.32%.

This marked the biggest one-day loss in two years for Wall Street following the release of the consumer price index report for August.

Subsequently, around $60 billion has been wiped off the ASX as global markets reel from the disappointing inflation data.

The US Federal Reserve could lift interest rates by 100 basis points as opposed to the previously forecasted 75 basis points.

It appears the market is bracing for such a move by the US central bank.

While there's mostly a sea of red on the ASX, some lithium shares are defying the sell-off.

How are these ASX lithium shares faring today?

The Anson Resources Ltd (ASX: ASN) share price touched an all-time high on the back of the company's assay results from its Paradox Lithium Project.

While its shares have retraced since, they are currently up 7.14% to 45.5 cents apiece.

In addition, the Leo Lithium Ltd (ASX: LLL) share price is cracking 7.41% higher to 72.5 cents following late night's release of its half-year accounts.

The lithium producer has had a busy 6 months with the completion of the Goulamina Joint Venture.

Leo Lithium is aiming to develop and operate the world-class Goulamina Lithium Project in Mali.

Lastly, the Latin Resources Ltd (ASX: LRS) share price is also pushing upwards despite no company announcements.

The lithium explorer's shares are up 4.35% to 12 cents.

On the other hand, the Lake Resources N.L. (ASX: LKE) share price is tumbling 14.57% to $1.085 due to a project dispute.

Conversely, shares in Vulcan Energy Resources Ltd (ASX: VUL) are down 6.52% to $8.17, reversing a majority of its 9.94% gain yesterday.

According to Trading Economics, the price of lithium carbonate is steady at US$71,200 per tonne, up 0.4% in a week.

When looking at year-on-year, lithium prices are up 245%, which isn't far off from its record high of US$71,800 per tonne.

Motley Fool contributor Aaron Teboneras 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 female broker in a red jacket whispers in the ear of a man who has a surprised look on his face as she explains which two ASX 200 shares should do well in today's volatile climate
Materials Shares

2 ASX 200 lithium stocks to buy for big returns

Which stocks are analysts tipping as buys right now? Let's find out.

Read more »

Young businesswoman sitting in kitchen and working on laptop.
Materials Shares

Is Mineral Resources stock a good buy right now?

This mining share is trading close to multi-year lows. Is this a buying opportunity? Let's find out.

Read more »

A male investor wearing a white shirt and blue suit jacket sits at his desk looking at his laptop with his hands to his chin, waiting in anticipation.
Materials Shares

Mineral Resources shares drop on compliance update

The Australian stock exchange operator has been busy quizzing the miner.

Read more »

A man looking at his laptop and thinking.
Materials Shares

Are Pilbara Minerals shares a buy, sell, or hold for 2025?

Let's see if analysts think this lithium giant should be in your portfolio now.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Materials Shares

4 popular ASX lithium shares going gangbusters on Tuesday

Pilbara Minerals and three other lithium stocks are having a particularly strong session.

Read more »

Miner looking at a tablet.
Resources Shares

South32 shares sink amid $33 million copper investment

Copper continues to be in hot demand.

Read more »

Three miners looking at a tablet.
Materials Shares

Should you buy BHP shares amid 2024's weakness?

Is now the time to pounce on the mining giant's shares? Here's what analysts are saying.

Read more »

Lion holding and screaming into a yellow loudspeaker on a blue background, symbolising an announcement from Liontown.
Materials Shares

Here's why the Liontown share price could rise almost 70%!

Bell Potter thinks this lithium miner could be a high risk/high reward option for investors.

Read more »