Arcadium Lithium (ASX:LTM) has taken top spot again as the momentum continues following yesterday’s (9 October) news that mining giant Rio Tinto (ASX:RIO) will snap up the company in an all-cash deal worth about US$6.7 billion ($9.95 billion).
Arcadium closed a further 38.75% higher at $8.20 a share, closing the gap between its previous market valuation and the tabled offer of US$5.85 ($8.69) per share.
Since the start of October, Arcadium has more than doubled its share price. The company is the ASX’s top 90-day average volume outlier with a 1,392% spike in trading volume compared to all other stocks on the S&P/ASX 200.
Other lithium miners found themselves in the top five finishers, as Mineral Resources (ASX:MIN) advanced 6.76% and Liontown Resources (ASX:LTR) climbed 5.70%.
Gold explorer Bellevue Gold (ASX:BGL) also ended the day as one of the top movers with a 6.32% gain.
Overall, the S&P/ASX 200 closed 35.60 points, or 0.43%, higher at 8,223 points.
Six of the 11 sectors ended the trading session in the green, led by materials with a 1.62% advance up, followed by energy with a 0.98% increase. Industrials closed down 0.14%.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: Arcadium Lithium & ASX
