The Cettire Ltd (ASX: CTT) share price is backing up a strong day’s performance with a poor one.
Cettire’s shares surged 10.4% yesterday for no obvious reason but today they’re handing back those gains.
At the time of writing, the Cettire share price is $3.505, 10.13% lower than it was at yesterday’s close.
That’s 0.4% lower than it was at the end of Monday’s session.
For context, the S&P/ASX 200 Index (ASX: XJO) fell 0.2% yesterday and is currently down another 0.54%.
So, what could be weighing on the online luxury goods retailer’s shares on Wednesday? Let’s take a look.
Cettire share price plummets on Wednesday
The Cettire share price has been volatile in December. Of the 11 market sessions so far this month, the company’s stock has risen or fallen by more than 5% in 6 of them.
Interestingly, the movements haven’t been spurred by news from the retailer. In fact, it hasn’t uttered a word to the ASX since it hosted its annual general meeting in late November.
However, some of today’s drop could be explained by the broader market.
Right now, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) has tumbled 1.11%. That makes it one of the ASX 200’s worst-performing sectors on Wednesday.
While the company doesn’t call the index home, many of its peers do, making it a good gauge of the broader market’s sentiment.
The sector is being weighed down by some of Cettire’s online retail peers, including Kogan.com Ltd (ASX: KGN). Its share price is sporting a 1.23% fall today.
Luckily, despite today’s tumble, the Cettire share price is still in the long-term green, despite only debuting on the ASX in December 2020.
Right now, its stock is trading at 603% more than its prospectus’ offer price of 50 cents. However, it has fallen 20% over the last 30 days.
The post Why is the Cettire (ASX:CTT) share price sinking 10% today? appeared first on The Motley Fool Australia.
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More reading
- 2 rapidly growing ASX e-commerce shares
- What’s with the Cettire (ASX:CTT) share price today, up 9%?
- 2 high-growth ASX shares profiting from the e-commerce boom
- Cettire (ASX:CTT) share price struggles despite 180% revenue growth
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Cettire Limited and Kogan.com ltd. The Motley Fool Australia owns and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Cettire Limited. 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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