The Magnis Energy Technologies Ltd (ASX: MNS) share price has had a horror month, falling 18%.
The Magnis share price hovered under the line in today’s trade, finishing the day down 1.16% at 42.5 cents. In comparison, the S&P/ASX 200 Index (ASX: XJO) finished the day down 1.02%.
Let’s take a look at the news sparking joy for Magnis today.
Magnis to join the All Ords ranks
Lithium-ion battery company Magnis will be added to the All Ordinaries Index (ASX: XAO). This news was released after market close on Friday as part of the S&P Dow Indices quarterly rebalance.
Other inclusions to the index include Boss Energy Ltd (ASX: BOE), Galan Lithium Ltd (ASX: GLN), Metals X Limited (ASX: MLX) and Carbon Revolution Ltd (ASX: CBR). The update will take effect prior to the open on 21 March.
On Friday, my Foolish colleague Alice de Bruin reported details of an Australian Securities and Investments Commission (ASIC) investigation into the company’s financial activity.
Recently, Magnis updated the market on the Imperium3 New York (iM3NY) lithium-ion battery plant, of which Magnis is the major shareholder. The project is 57% complete as at the end of January.
Magnis chair Frank Poullas said:
Significant progress continues on all fronts as the project ramps up towards gigawatt hour production. The iM3NY team is working with investors, looking at funding the next stage, above 10GWh of annual production.
Magnis share price snapshot
In the last 12 months the Magnis share price has surged 39%, but is crashing 26% year to date.
In comparison, the benchmark ASX 200 index has climbed nearly 5% in the past year.
Magnis has a market capitalisation of $410.4 million based on the current share price.
The post The Magnis (ASX:MNS) share price has lost 18% in a month, but there was some good news today appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Carbon Revolution Limited. The Motley Fool Australia has recommended Carbon Revolution 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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