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Why is the Sayona Mining share price rising today?

What's going on with Sayona Mining today?

Posted by
Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • Sayona Mining shares are up more than 3% today  
  • Core Lithium and Piedmont Lithium are among the lithium shares rising today 
  • Sayona Mining is aiming to produce lithium in the first quarter of 2023 

The Sayona Mining Ltd (ASX: SYA) share price is outperforming the S&P/ASX 200 Index (ASX: XJO) today.

Sayona shares are up 4% and are currently trading at 25 cents. For perspective, the ASX 200 is up 2.62% today.

Let's take a look at what is going on with the Sayona Mining share price.

Female miner smiling in front of a mining vehicle as the Pilbara Minerals share price rises

Image source: Getty Images

What's going on?

Sayona Mining is not the only ASX lithium share to rise today. Core Lithium Ltd (ASX: CXO) shares are up nearly 6%, while Piedmont Lithium Inc (ASX: PLL) shares are up 3.57%.

Sayona shares appear to be lifting amid a strong day for the ASX 200. Sayona joined the ASX 200 as part of the September quarterly rebalance.

Commenting on today's ASX gains, City Index senior market analyst Matt Simpson said:

The combination of soft US inflation and the RBA's hint at a pause has done wonders for the ASX 200, which is currently enjoying its second best day this year and back above 7100.

Sayona Mining is aiming to become North America's largest lithium producer. The company is planning production from the North American Lithium operation in Canada in quarter one, 2023.

ASX lithium shares appear to be following in the footsteps of USA lithium shares today.

Sociedad Quimica y Minera de Chile (NYSE: SQM) shares rose 4% overnight, Livent Corp (NYSE: LTHM) shares leapt ahead 8.69% and Sigma Lithium Corp (NASDAQ: SGML) shares jumped 2.3%.

The USA had its top day of trading in more than two years, as my Foolish colleague James reported today. The NASDAQ-100 Index (NASDAQ: NDX) jumped 7.49%, while the S&P 500 Index (SP: .INX) stormed 5.54% higher.

Inflation data was cooler than expected. Janney Montgomery Scott chief investment strategist Mark Luschini told Bloomberg:

Investors have been wanting to bid prices higher on any catalyst, and this is as good as any.

Sayona Mining share price snapshot

Sayona Mining has exploded 92% in the year to date, while it has risen 66% in the past year.

For perspective, the ASX 200 has shed 4% in the past year.

Sayona has a market capitalisation of more than $2 billion based on the current share price.

Motley Fool contributor Monica O'Shea 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 Scott Phillips.

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