The Pilbara (ASX:PLS) share price pumped 5% higher today. What happened?

Wednesday was a good day on the ASX for Pilbara and its peers.

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The Pilbara Minerals Ltd (ASX: PLS) share price surged higher today despite no news being released by the company.

However, it wasn’t alone in its gains. The company’s home sector, the S&P/ASX 200 Materials Index (ASX: XMJ), also soared today, having gained 2.14%.

As of Wednesday’s close, the Pilbara share price is $2.49, 5.51% higher than it was at the end of Tuesday’s session.

For context, the S&P/ASX 200 Index (ASX: XJO) gained 1.25% today.

Let’s take a look at the latest news from the lithium producer and what might have boosted its stock.

Pilbara share price storms higher

Wednesday was a good day on the ASX for the Pilbara share price.

Its surge brought the company’s gains for the last 30 days to 8.7%, despite it having been relatively quiet in that time.

The first and only time the market heard from Pilbara in the last month was when it announced it had increased its senior debt facilities.

As my Foolish colleague, Aaron reported at the time, the company expanded its finance facility by US$20 million to US$130 million and its undrawn working capital facility by US$10 million to US$25 million. Its total senior secured debt facilities were also boosted by US$30 million to US$155 million.

Most of the extra funds will go towards the restart of its Ngungaju Plant, part of its Pilgangoora Operation.

The news saw the Pilbara share price lift 1.6% and hit a new all-time high.

However, today’s surge is less simple to explain. Though, unexplained gains seemed to have occurred across the lithium-producing board today, with many of Pilbara’s peers joining in on the action.

The Mineral Resources Limited (ASX: MIN) share price soared 5.8%, while that of Liontown Resources Limited (ASX: LTR) increased 4.8%.

Right now, the Pilbara share price is 187% higher than it was at the start of 2021. It has also gained 212% since this time last year.

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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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