The Core Lithium Ltd (ASX: CXO) share price is having a tough start to the day.
In morning trade, the lithium developer’s shares are down 7% to $1.37.
Why is the Core Lithium share price sinking?
The Core Lithium share price is falling on Wednesday amid weakness in the lithium sector following a poor night of trade on Wall Street.
For example, it isn’t just Core Lithum that is sliding today. The likes of Liontown Resources Limited (ASX: LTR), Pilbara Minerals Ltd (ASX: PLS), and Sayona Mining Ltd (ASX: SYA) shares are all under significant pressure as well.
What else?
While a good number of lithium miners are falling today, the Core Lithium share price is falling more than most.
This is likely to be due to traders taking a bit of profit off the table today following some very strong gains in 2022.
Thanks to a range of positive announcements, such as its agreement with electric vehicle giant Tesla, Core Lithium’s shares have been well and truly smashing the market this year.
In fact, even though the company’s shares are now trading 18% below their recent high, they are still up a staggering 117% since the start of the year and approximately 500% over the last 12 months.
The post Why is the Core Lithium share price sinking 7% today? appeared first on The Motley Fool Australia.
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More reading
- These are the best ASX lithium stocks so far in 2022
- 5 ASX mining shares rocking all-time highs on Friday
- Why BHP, Core Lithium, Tabcorp, and Talga shares are racing higher
- Why is the Core Lithium (ASX:CXO) share price up 6% to a record high?
- 5 ASX lithium and green metals shares hitting new 52-week highs today
Motley Fool contributor James Mickleboro 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 Bruce Jackson.
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