What a day it has been for the Sayona Mining Ltd (ASX: SYA) share price this Tuesday. This ASX lithium stock closed at just 9.1 cents per share yesterday. But, at the time of writing, Sayona shares are up to 10.7 cents apiece. That's a jump worth a whopping 17.6%.
So what on earth is going on with the Sayona share price today that could cause such a drastic share price surge?
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Why is the Sayona Mining share price rocketing today?
Well, let's backtrack a little. Today might be a glorious day for Sayona investors. But it was a very different story yesterday. As we covered at the time, Sayona started off the trading week by unexpectedly announcing the departure of its managing director and CEO Brett Lynch. The company stated that Lynch would be departing immediately, due to personal reasons.
Lynch's fellow board member and non-executive director James Brown (no relation to the King of Soul) has been appointed as interim CEO while the search for a permanent replacement gets underway.
Investors were evidently horrified by this unexpected news and sent Sayona shares down a massive 30.77% by close of trading yesterday. The markets also gave the company a new 52-week low of 8.7 cents per share in the process:
There has been no fresh news out of Sayona today that might explain the 17% bump in the company's share price that we are witnessing. As such, it appears that investors woke up this morning, decided yesterday's sell-off went a little too far, and have flooded back into Sayona shares accordingly.
Even so, we can't deny that it has been a horrid year for Sayona Mining in 2023 to date. Back in late January, Sayona was trading as high as 30 cents a share, meaning the company is still down a nasty 64% or so from that pricing.
At the current Sayona share price, this ASX lithium stock has a market capitalisation of $936.7 million.
