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Mixed week for lithium stocks

Posted by: Admin | Posted on: March 1st, 2018 | 0 Comments

The forecast followed a report by Citi which had found supply concerns were more than priced in. 

It’s been a topsy-turvy time for lithium companies, with share prices taking a hit in January after Chilean producer Sociedad Química y Minera de Chile (US:SQM) was allowed to up its production quota, prompting fears of the market being flooded.

Chemicals giant Albermarle (US:ALB) had another bad day on the New York Stock Exchange yesterday.

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After falling more than 9% on Monday then regaining a little ground on Tuesday as it released its fourth quarter results, it lost a further 9.98% yesterday to close at US$100.43, an eight-month low.

The company had said on Tuesday it expected adjusted diluted earnings per share in 2018 to increase to between US$5-$5.40.

Australian-listed Argentine lithium producer Orocobre (AU:ORE) fell 5.8% in Australian trade today, whereas yesterday’s big gainer, developer Pilbara Minerals (AU:PLS) lost barely any ground, having closed up almost 11% yesterday on news of Korean backing.

In Canada, Nemaska Lithium (CN:NMX) – which was trading at C$1.69 on Friday – lost a further 3.9% yesterday to close at $1.47.

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