Stock Track | SQM Soars 5.32% in After-Hours Trading on Affiliate Earnings Surge and Lithium Supply Tightening

Stock Track04-24 14:35

Sociedad Quimica Y Minera De Chile SA (SQM) stock soared 5.32% in after-hours trading on Friday, reflecting strong positive momentum for the lithium producer.

The surge was driven by multiple catalysts. Firstly, SQM's affiliate Tianqi Lithium released a stellar first-quarter earnings preview, projecting net profit to skyrocket by over 1,500% year-over-year. Tianqi explicitly noted that SQM's performance is expected to grow significantly, with recognized investment income rising substantially. Secondly, the broader lithium sector received a boost from reports that a major lithium-supplying country has halted exports, tightening the global supply outlook. This aligns with prior bullish demand projections from SQM executives, who forecast global lithium demand to grow by 25%.

The positive sentiment was sector-wide, with peer lithium producer Albemarle also gaining nearly 4% during the session.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment