Why is the Red Dirt Metals (ASX:RDT) share price soaring 19% today?

Here's what we know about Red Dirt Metals' stock's surge.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

golden hawk flying high in the sky

Image source: Getty Images

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, over the past 4 weeks, an average day saw 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.

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.

More on Resources Shares

A financial expert or broker looks worried as he checks out a graph showing market volatility.
Resources Shares

2 ASX 200 mining shares this fund manager is backing for long-term growth

Blackwattle is invested in the ASX 200's largest diversified miner and its biggest lithium producer.

Read more »

Two mining workers on a laptop at a mine site.
Resources Shares

Buying ASX 200 mining shares? Here's how Rio Tinto, Fortescue and BHP stacked up in March

Buying Rio Tinto, Fortescue, or BHP shares? Here’s how the ASX mining stocks performed in March’s sinking market.

Read more »

Miner looking at a tablet.
Resources Shares

Why are shares in this ASX copper developer surging more than 45%?

A deal for a major funding package has been struck.

Read more »

Woman with gold nuggets on her hand.
Resources Shares

Northern Star Resources posts Q3 gold sales, on track for FY26

Northern Star Resources sold 381,000 ounces of gold in Q3 FY26, keeping its production guidance in sight.

Read more »

A group of people in suits and hard hats celebrate the rising share price with champagne.
Resources Shares

$7,500 invested in Rio Tinto shares 10 days ago is now worth…

The miner's shares crashed 15% in the first three weeks of March.

Read more »

An executive stands looking out a glass window over the city.
Resources Shares

Why this ASX 200 stock just jumped 5% on Wednesday

Perenti shares are up 5% after naming a new Chief Executive.

Read more »

Smiling miner.
Resources Shares

3 reasons why the Rio Tinto share price could be a buy

Let’s unearth why Rio Tinto could be an opportunity worth digging into.

Read more »

Two workers working with a large copper coil in a factory.
Resources Shares

Up more than 90% over the past year, analysts say this ASX copper stock can keep going

Canaccord Genuity says this is a copper stock to watch.

Read more »