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MinRes (ASX:MIN) shareholders are likely ebullient on Monday’s early share price action, with shares clocking a +10% jump over $37 a share.
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That added to a closing price around $34/sh on Friday, which is a pretty good example of free money. The culprit? Lithium is back in vogue this week.
But that mightn’t matter too much for MinRes holders. The company is primarily in the iron ore game, of course, and that’s up on the SGX to US$103/tn on Monday, too.
It looks like recent dips for the steel feedstock metal below that crucial psychological level of $100/tn weren’t the indications of any pain coming for Australia’s major export – ignoring old.
At least not in the short term anyway, when it comes to assessing the iron ore tea leaves (read: Rio Tinto’s Simandou mine continues to pose quasi-existential risks, but nobody’s talking about it.)
At any rate, back to MinRes – the other reason holders probably don’t care too much about why or how lithium’s latest pocket of renewed hype is working is because the stock is, as a rule, reliably volatile – and for that reason a favourite with swing traders.
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Volumes of shares traded provide evidence there. Just as we hit 11am on Monday morning, nearly $50M worth of MinRes shares had already traded hands.
Batteries, clearly, are fully charged on Monday.
MIN last traded at $37.40/sh.
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