It’s been another dreadful day of trading for ASX shares so far this Monday. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has lost a depressing 1.47% and is now back under 7,100 points. But the Lynas Rare Earths Ltd (ASX: LYC) is suffering a worse fate so far. As it currently stands, Lynas shares have lost a nasty 6.44% from last week’s closing price of $9.01 and are now trading at $8.43 each.
So what’s going on with Lynas shares this Monday?
Well, we can’t be certain. There hasn’t been much in the way of news or announcements out from Lynas in almost a month. The last piece of major news we got out of the company came back on 12 April. That was when Lynas released a quarterly report for the first three months of 2022. As we covered at the time, this report announced record quarterly sales revenue of $327.7 million, as well as a 17.5% rise in total rare-earth oxide production. Investors reacted positively at the time.
Perhaps today’s move just reflects a general market distaste for green metals companies like Lynas. Indeed, we are seeing some pretty major falls across the board in this space. Take Pilbara Minerals Ltd (ASX: PLS). The Pilbara share price has lost more than 6% so far today. It’s the same with Neometals Ltd (ASX: NMT) and Core Lithium Ltd (ASX: CXO).
So it seems investors don’t want anything to do with green metals shares today. And The Lynas share price looks to have been swept up in this trend.
Lynas shares are now down nearly 15% over the past month, as well as down 27% since the company touched a new 52-week high of $11.59 in early April.
At the current share price, Lynas commands a market capitalisation of around $8.4 billion.
The post The Lynas share price has plunged 6% today! What’s going on? appeared first on The Motley Fool Australia.
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Motley Fool contributor Sebastian Bowen 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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