The Sayona Mining Ltd (ASX: SYA) share price is charging higher, up 8% at the time of writing.
Sayona shares opened this morning at 31 cents and are currently trading for 34 cents.
Investors are bidding up the ASX lithium and graphite explorer even as the All Ordinaries Index (ASX: XAO) slumps 0.8% while the S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.6%.
So why is the Sayona share price outperforming?
Sayona share price up 155% in a month
Today’s rally is nothing new for Sayona shareholders.
With the intraday gains factored in, Sayona is up 155% since this time last month and an eye popping 715% over the past 12 months.
ASX investors are clearly interested, with almost 108 million shares traded today in 3,947 separate trades. That brings the value of Sayona shares traded so far today to more than $33.2 million, with more buyers than sellers driving up the Sayona share price close to its 4 April 10-year highs.
As the Motley Fool reported on 4 April, shares finished the day up 31% after “testing conducted by lithium-ion battery technology giant Novonix Ltd (ASX: NVX) confirmed the quality of the company’s spodumene product“.
The spodumene concentrate came from Sayona’s Authier Lithium Project in Canada. Sayona said the results showed its spodumene product performed as well as battery-grade lithium hydroxide.
With no fresh news from the company today, the Sayona share price looks to be enjoying continued strength from these results, along with recently upgraded resource estimates at its North American Lithium and Authier projects.
And that all comes as the world’s booming battery markets for electric vehicles and home storage is seeing lithium prices at historic levels.
The post How is the Sayona share price still soaring, even on a down day for the ASX? appeared first on The Motley Fool Australia.
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More reading
- Why A2 Milk, IGO, Lynas, and Sayona shares are dropping
- Why is the Sayona (ASX:SYA) share price tumbling 9% today?
- Why is the Novonix (ASX:NVX) share price charging 6% higher?
- Why Allkem, Iluka, Pendal, and Sayona Mining shares are charging higher
- Here’s why the Sayona (ASX:SYA) share price is surging 34% on Monday
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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