Here’s why the Sayona Mining share price is shooting 14% higher today

The Sayona Mining Ltd (ASX: SYA) share price is rocketing on Tuesday despite only silence from the S&P/ASX 200 Index (ASX: XJO) lithium hopeful. However, surging market sentiment for stocks involved in the battery-making metal is seemingly behind its gains.

ASX 200 lithium shares are roaring upwards after Liontown Resources Ltd (ASX: LTR) revealed it rejected a takeover bid from industry giant Albemarle Corporation (NYSE: ALB) this morning.

Right now, the Sayona Mining share price is gaining 13.5% to trade at 21 cents.

For comparison, the ASX 200 is up 1.1% at the time of writing.

Let’s take a closer look at the news that’s seemingly driving investor sentiment for Sayona Mining and its ASX 200 peers this morning.

What’s boosting the Sayona Mining share price today?

ASX 200 lithium shares, Sayona Mining included, are surging on Tuesday amid news Liontown rejected an acquisition proposition from Albemarle.

The suitor offered approximately $5.5 billion – or $2.50 per share – for the company behind Western Australia’s Kathleen Valley lithium project. It came on the heels of a $2.20 per share bid posed in October and a $2.35 bid offered in early March, both of which were turned down.

Liontown dubbed the latest offer – representing a 64% premium on its previous close – “opportunistic”. It said the bid undervalued it and didn’t reflect recent work completed at Kathleen Valley or the project’s potential.

Meanwhile, Liontown has noticed Albemarle subsidiary RT Lithium has snapped up a 2.2% stake in its shares through on-market purchases.

The Liontown share price is roaring 60% at the time of writing to trade at $2.44.

Meanwhile, Sayona Mining is among the ASX 200’s best-performing stocks. Here’s how some of its lithium-focused peers are moving today:

• The Core Lithium Ltd (ASX: CXO) share price is up 19%
• That of Pilbara Minerals Ltd (ASX: PLS) is rising 15%
• Shares in Allkem Ltd (ASX: AKE) are lifting 13%
• And stock in Lake Resources NL (ASX: LKE) is up 10%

Looking longer-term, the Sayona Mining share price has outperformed the ASX 200 in recent months. It’s gained 10.5% so far this year. Though, it’s fallen 4.5% since this time last year.

Meanwhile, the ASX 200 is up 1.4% year to date and down 5% over the last 12 months.

The post Here’s why the Sayona Mining share price is shooting 14% higher today appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares cracking multi-year highs on Tuesday
• Why are ASX lithium shares going gangbusters on Tuesday?
• Why is the Core Lithium share price rocketing 19% on Tuesday?
• Why is the Pilbara Minerals share price rebounding 14% today?
• Liontown share price explodes 59% on new Albemarle takeover approach

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 Scott Phillips.

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