The Sayona Mining Ltd (ASX: SYA) share price is charging ahead during mid-Wednesday afternoon despite no news from the company.
At the time of writing, the emerging lithium producer’s shares are up 10% to 29.7 cents.
What’s powering Sayona shares forward?
Following a rebound on the S&P/ASX 200 Index (ASX: XJO) today, investors are bidding up the Sayona share price.
In contrast, the ASX 200 Index is up 0.84% to 7,172.3 points after strong gains were recorded on Wall Street overnight.
Although the last release from the company came in late April, Sayona shares were pounded last week.
Falling to a 6-week low of 22 cents, it appears investors believe the share price was trading at attractive levels.
It’s worth noting that Sayona shares are significantly down their all-time high of 39 cents reached on 19 April.
Furthermore, fan favourite Lake Resources N.L. (ASX: LKE) is treading 3.08% above yesterday’s close.
A catalyst as to which Sayona shares are storming much higher could be because of the large discount from where it was trading a few weeks ago.
Sayona share price snapshot
Since this time last year, the Sayona share price has soared by 840% in value.
In 2022, the company’s shares have continued their impressive trajectory, up 130%.
The robust gains have come on the back of renewed optimism in the lithium market in recent times.
Based on valuation grounds, Sayona Mining has a market capitalisation of roughly $1.83 billion.