Friday is proving to be another great day on the ASX for the Lynas Rare Earths Ltd (ASX: LYC) share price.
The company’s stock hit a new multi-year high today despite the company maintaining its silence.
At the time of writing, the Lynas share price is $7.98, 1.79% higher than its previous close.
However, earlier today it shot up to reach $8.09, representing a 3.1% gain and a new 12-month record high.
Let’s take a closer look at what’s going on with the Lynas share price lately.
Why is the Lynas share price up on Friday?
There’s no obvious explanation for the surge in the rare earth producer’s stock today. Particularly, as the last time the market heard price-sensitive news from the company was nearly 2 weeks ago.
Then, Lynas announced it had received word from Japan Australia Rare Earths (JARE) reconfirming its support for the company.
Since then, and including today’s rise, the Lynas share price has gained another 6%. However, the company’s stock isn’t alone in the green today.
Right now, the S&P/ASX 200 Materials Index (ASX: XJR) is the best performing of the bunch, sporting a 2.54% gain.
In fact, much of the sector is leaving Lynas in its dust on Friday.
Right now, the Lynas share price is 90% higher than it was at the start of 2021. It has also gained 21% over the last 30 days.