The Red Dirt Metals Ltd (ASX: RDT) share price is taking off on Wednesday despite no news having been released by the company.
At the time of writing, the Red Dirt Metals share price is 78 cents. That’s 19.08% higher than it was at yesterday’s close.
Though, it is slightly lower than Red Dirt shares’ intraday high of 82.5 cents – that represented a gain of 25.9%.
That’s a far better performance than that of the broader market. Right now, the All Ordinaries Index (ASX: XAO) has slipped 0.5% today.
Let’s take a closer look at Red Dirt Metals’ brilliant day of trade on the ASX.
A quick refresher
For those who don’t recognise Red Dirt Metals, you might remember its previous persona.
Until mid-September, the company was named TNT Mines Limited and traded on the ASX under the ticker TNT.
Red Dirt Metals is an explorer and developer of gold and base metals assets. Its operations are in Western Australia.
What’s spurred Red Dirt Metals’ brilliant Wednesday?
The Red Dirt Metals share price is surging today and interestingly, the reason behind the company’s stock’s gains remains a mystery.
Beyond the impressive 19% gain sported by the company’s share price, its stock is flying off the shelves today.
Right now, around 6.6 million shares in Red Dirt Metals have swapped hands today. That’s around $5 million worth of its stock.
For context, an average month sees around 4.1 million Red Dirt Metals shares traded.
Red Dirt Metals share price snapshot
Today’s gains have added to Red Dirt Metals’ strong recent performance on the ASX.
Over the last 30 days, the company’s share price has gained 271%.
It is also currently 188% higher than it was at the start of 2021 and 271% higher than it was this time last year.
The post Why is the Red Dirt Metals (ASX:RDT) share price soaring 19% today? appeared first on The Motley Fool Australia.
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More reading
- Red Dirt Metals (ASX:RDT) share price launches 45% on lithium update
- The TNT Mines (ASX:TNT) share price explodes 20% on acquisition news
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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