The Sayona Mining Ltd (ASX: SYA) share price is sitting at 10-year highs.
Shares in the ASX lithium explorer and producer closed yesterday at 23 cents. At the time of writing Sayona shares are trading at 24 cents, up 2.2%.
Indicating the amount of ASX investor interest in the company, CommSec data is that more than 81.6 million shares have been traded by lunchtime today.
A total of 2,152 trades have been executed, with a value of more than $19.5 million.
What’s driving ASX investor interest in the lithium share?
With no fresh news out of the company, there looks to be two factors helping push up the Sayona Mining share price today.
First, global demand for lithium to power the world’s ever-growing fleet of electric vehicles and home battery storage systems is ushering in a new era of rising lithium prices.
That strong lithium demand is an extra boost for Sayona Mining shares. It comes after the explorer earlier this month doubled its mineral resource from management’s previous estimates.
As The Motley Fool reported on the day, “Upgraded resource estimates now peg Sayona’s North American Lithium (NAL) and Authier projects at a combined measured, indicated, and inferred mineral resource of 119.1 million tonnes at 1.05% lithium oxide.”
Also likely offering a tailwind for the Sayona Mining share price is the miner’s recent inclusion in the All Ordinaries Index (ASX: XAO) and the S&P/ASX 300 Index (ASX: XKO).
That means that any funds tracking either of these indexes will now likely include Sayona shares. It also means that fund managers restricted to certain indexes, generally for reasons of minimal-sized market caps, can now trade in Sayona shares.
Sayona Mining share price snapshot
Sayona Mining shares are now up 68% in 2022 and up a whopping 488% over the past 12 months.
For some context, the All Ords has gained 10% over the last 12 months.
The post Why is the Sayona Mining (ASX:SYA) share price rocking a new 10-year high today? appeared first on The Motley Fool Australia.
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More reading
- Why is the Sayona (ASX:SYA) share price getting so much love on Friday?
- 5 ASX mining shares smashing 52-week highs today
- Why Brickworks, JB Hi-Fi, Mesoblast, and Sayona shares are charging higher
- Why is the Sayona (ASX:SYA) share price rocketing 19% higher?
- Surging again: Why has the Sayona (ASX:SYA) share price rallied 46% in a month?
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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