Today was a great day for both the S&P/ASX 200 Resources Index (ASX: XJR) and the S&P/ASX 200 Energy Index (ASX: XEJ), but it was a struggle for the share price of battery materials-focused resource company Vulcan Energy Resources Ltd (ASX: VUL).
The Vulcan share price tumbled 6.17% to $8.52 on Monday.
For context, both the S&P/ASX 200 Index (ASX: XJO) and the All Ordinaries Index (ASX: XAO) ended today’s session in the red, each slipping 1%.
Vulcan Energy’s fall came despite silence from the company. In fact, the market hasn’t heard price-sensitive news from it in nearly three weeks.
Let’s take a closer look at what could have weighed on the lithium explorer’s stock on Monday.
What dragged on the Vulcan Energy share price today?
The Vulcan Energy share price ended today in the red, having handed back its recent gains.
The lithium explorer’s stock gained 5.7% over the course of last week. Thus, today’s movement could be a simple market correction.
While the Vulcan share price has been on a rollercoaster ride over the last six weeks, it’s still relatively flat with where it was in late January.
The last time the market heard price-sensitive news from the S&P/ASX 300 Index (ASX: XKO) company was 15 February. Then, Vulcan Energy announced it was floating on the Frankfurt Stock Exchange.
As The Motley Fool Australia reported at the time, that makes it the first company to be dual-listed on both the ASX and the regulated market of the FSE.
As of Monday’s close, the Vulcan Energy share price is around 18% lower than it was at the start of 2022.
However, it’s still 42% higher than it was this time last year.
The post Why did the Vulcan Energy (ASX:VUL) share price plunge 6% on Monday? appeared first on The Motley Fool Australia.
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More reading
- How have Vulcan Energy (ASX:VUL) shares been faring since their dual listing?
- Why is the Vulcan (ASX:VUL) share price charging higher today?
- 2 ASX lithium shares with huge upside potential in 2022
- Vulcan Energy (ASX:VUL) shares could be set for a dual listing. Here’s what you should know
- Lithium boom! Broker says the Vulcan (ASX:VUL) share price has 175% upside
Motley Fool contributor Brooke Cooper owns Vulcan Energy Resources Limited. 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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