The Sayona Mining Ltd (ASX: SYA) share price is launching higher on Wednesday despite the company’s silence.
In fact, the market hasn’t heard price-sensitive news from the emerging lithium producer for over a week.
At the time of writing, the Sayona share price is 33.25 cents, 9.02% higher than its previous close.
For context, the broader market is also in the green today, though, not to the same extent.
Right now, the All Ordinaries Index (ASX: XAO) is up 0.38% while the S&P/ASX 200 Index (ASX: XJO) has gained 0.24%.
Let’s take a look at what’s going on with Sayona and its peers lately.
What’s going on with the Sayona share price today?
The Sayona share price is in the green on Wednesday, as are many other ASX materials shares.
In fact, the S&P/ASX 200 Materials Index (ASX: XMJ) is outperforming the broader market, gaining 0.61% at the time of writing.
And while Sayona doesn’t call the index home, many of its lithium peers are leading the charge today.
The share price of AVZ Minerals Ltd (ASX: AVZ) is the index’s best performer, having gained 6.3% on news of the company’s Manono Lithium and Tin Project.
Meanwhile, shares in Liontown Resources Limited (ASX: LTR), Mineral Resources Limited (ASX: MIN), and Allkem Ltd (ASX: AKE) are also in the green. They’re the sector’s third, fourth, and fifth best performers on Wednesday.
The last time the market heard news from Sayona was on 4 April.
Then, it announced that testing of spodumene from its Authier Lithium Project proved the material can be used to create battery-quality lithium hydroxide.
The Sayona share price launched 32% on the back of the announcement.
Today’s gains included, Sayona’s stock is trading for 135% more than it was at the start of 2022.
The post Why is the Sayona share price leaping 9% on Wednesday? appeared first on The Motley Fool Australia.
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More reading
- How is the Sayona share price still soaring, even on a down day for the ASX?
- 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
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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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