I posted this good story in case you haven't seen this.
Why is the Sayona Mining share price soaring 8% on Monday?

Sayona share are in fineform on Monday.

Aaron Teboneras❯

Published September12, 1:57 pm AEST·

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SYA

Image source: Getty Images

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Key points

• Sayona shares leap 8.46% to 35.3 cents during early afternoon trade
• The S&P/ASX 200 Materials (ASX: XMJ) sector is outperforming the broader ASX to surge 2.22% today
• Sayona shares are set to be added to the S&P/ASX 200 Index on Monday 19 September

The Sayona Mining Ltd (ASX: SYA) shareprice is continuing to race to incredible highs today.

At marketopen, the emerging lithiumproducer’s shares leapt to an intraday high of 35.5 cents.

However, some profit taking has led the share to slightlyretrace to 35.3 cents apiece, up 8.46%.

Nonetheless, this makes it one of the top gainers on theASX today, behind shares in lithium peer, Global LithiumResources Ltd (ASX: GL1).

Sayona shares accelerate

Despite the company not releasing any announcements to themarket lately, investors are buying up the Sayona share price.

This comes as the S&P/ASX 200Materials (ASX: XMJ) sector is outperforming the broaderASX to surge 2.22% today.

That makes it the hottest index at the moment, and investorsaren’t letting up on it.

In the past week alone, the materials sector is up7.46%.

Another factor that is likely providing support is theupcoming quarterly rebalance of the S&P/ASX Indices.

Sayona is set to be added tothe S&P/ASX 200 Index (ASX:XJO) on Monday 19 September.

In turn, this enables fund managers to buy Sayonashares

Most fund managers are required to buy or sell shareswithin specific indexes such as the ASX 200.

With this in mind, investors usually like to takepre-emptive action in buying these shares before being accessible to fundmanagers.

Sayona Mining share price snapshot

Extreme volatility onthe ASX impacted the Sayona share price during the middle of the year.

The share fell from an all-time high of 39 cents on 19April to a low of 11.2 cents on 23 June, representing a fall of 70%.

However, as the market rebounded in the following months,Sayona shares are treading close to their record high.

So far in 2022, the share price is up 171%.

Sayona Mining presides a marketcapitalisation of roughly $2.93 billion.