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Date : 02/07/2021

Top 2 Lithium Stocks Of The Week

Following a very positive trading session today, the ASX 200 index finished the week in the green zone after a shaky start to the week. Rumours of an inflation spike do not seem to go away and the threat of a correction still looms large. However, it did not stop the ASX from surging forward by 0.6% today to 7308.6 points.

Communication services, led by a surge in TLS shares, was the top performer this week. Consumer discretionary, consumer staples, materials and the energy sector were the best performers during the week. Utilities, IT and Real Estate continued to be put under pressure and ended the week in the red. Know more on top 2 Lithium stocks to consider this week.

Top 2 Lithium Stocks To Consider

Among the materials, lithium shares were upbeat. The ASX is home to some of the best lithium stocks given the abundance of the commodity that is found here in Australia. Lithium’s increasing importance in battery technology and electric vehicles continues to attract investors. There are now several retail investors who are taking positions in some of the best lithium stocks on the ASX consistently. This is evident in the trading volumes of these lithium shares.

Our List of Lithium Shares Of The Week

Orocobre Limited (ASX: ORE)

Orocobre is one of the biggest lithium stocks on the ASX with a market cap of $2.2 billion. ORE shares have performed exceptionally well since a year, returning 166% in the past year and 48% this year. Orocobre recently announced their decision to merge with Galaxy Resources (ASX: GXY) – making the new entity the 5th biggest lithium stock in the world. In this ‘merger of equals’, Orocobre will acquire 100% of Galaxy and create a portfolio of assets that are well diversified geographically and by product. The synergies from the acquisition have the potential to generate significant shareholder value for lithium investors. Lithium is an extremely hot sector right now with plenty of tailwinds. Given the importance of the commodity, it doesn’t seem like it would slow down either. The strength of the new entity from the Orocobre and Galaxy will make this arguably the best lithium stock on the ASX and an easy consideration to most investors looking for exposure to lithium shares. ORE shares have returned 4.5% this week and currently trade at $6.62 a share.

Galan Lithium (ASX: GLN)

In sharp contrast to Orocobre and Galaxy’s size, Galan Lithium has a market cap of $225 million at the time of writing this piece. Galan is an ASX listed company developing lithium brine projects within South America’s Lithium Triangle on the Hombre Muerto salar in Argentina. This is Galan’s flagship project, however it is also making advancements here Down Under. In Australia, GLN has an 80% stake in the Greenbushes South Lithium Project. There have been developments in the Greenbushes Project recently and GLN shares have been extremely upbeat. Galan has now completed reconnaissance field work at the project. The results were positive and Galan is now planning another soil and rock chip sampling program. The lithium theme generating lots of investor interest and positive news coming out of some of the lithium companies here in Australia have yielded very positive returns. Galan shares have risen 510% in the past year and 137% in 2021. GLN shares offer investors exposure to one of the best up and coming lithium stocks on the ASX that has a couple of formidable projects lined up. As far as small caps go, Galan is a top consideration for the best lithium stocks the ASX has to offer. GLN shares surged close to 12% this week, closing at $0.915 a share today.

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