The Core Lithium Ltd (ASX: CXO) share price has been a strong outperformer over the medium and longer term.
But not today.
Core Lithium shares closed yesterday trading for $1.17 and are currently trading for $1.13, down 3% in morning trade.
The fall comes despite a positive start from the S&P/ASX 200 Index (ASX: XJO) on Thursday. The benchmark index is up 0.30% at this same time.
But it’s not just the Core Lithium share price lagging the benchmark today.
The S&P/ASX 200 Materials Index (ASX: XMJ) is down 0.7%. And ASX lithium shares are broadly falling.
The Pilbara Minerals Ltd (ASX: PLS) share price, for example, is down 5.2%, while shares in rival ASX lithium stock Allkem Ltd (ASX: AKE) are down 3.8%.
There’s no price-sensitive news out from Core Lithium today.
And the healthy long-term outlook for Australian lithium exports remains unchanged.
So, following a big run higher for much of the past year, today’s sell-off appears to be largely driven by some profit-taking.
Core Lithium share price snapshot
Shares in Core Lithium are up a whopping 136% since this time last year. An impressive return, given that the ASX 200 is down 8% over the 12 months.
The post Why is the Core Lithium share price lagging the ASX 200 on Thursday? appeared first on The Motley Fool Australia.
More reading
- Can ASX 200 lithium shares bank on the price of lithium to keep soaring?
- Despite recent volatility, Core Lithium shares delivered a 16% gain in Q1. Here’s how
- Why is the Core Lithium share price in the green today?
- If I’d invested $1,000 in Core Lithium shares at the start of 2022, here’s what I’d have now
- Can ASX lithium shares charge higher over the rest of 2022?
Motley Fool contributor Bernd Struben 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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