Tuesday is proving to be a rough day for the Sayona Mining Ltd (ASX: SYA) share price.
That’s despite no news having been released by the company. Additionally, its stock is flying off the shelf, with more than 209 million shares in the company having swapped hands at the time of writing.
Right now, the Sayona share price is 31 cents, 6.06% lower than its previous close.
However, earlier today, the emerging lithium producer’s stock hit a low of 30 cents, representing a 9% slump.
For context, the S&P/ASX 200 Index(ASX: XJO) and the All Ordinaries Index (ASX: XAO) are both currently up 0.6%.
So, what’s weighing on the Sayona share price on Tuesday? Let’s take a look.
Why is the Sayona share price in the red?
Sayona shares are struggling today, alongside both the S&P/ASX 200 Resource Index (ASX: XJR) and the S&P/ASX 200 Materials Index (ASX: XMJ).
Right now, these sectors are down 0.28% and 0.45% respectively.
While Sayona isn’t a part of the ASX 200, the sectors’ struggles prove today is a rough day for many ASX mining shares.
The AVZ Minerals Ltd (ASX: AVZ) share price is currently the ASX 200’s biggest weight, having fallen 6%.
Additionally, the Sayona share price rocketed 32% higher yesterday after the company released exciting news of its Authier Lithium Project.
Spodumene produced at the project was found to be capable of creating battery-grade lithium hydroxide.
The company also updated the market on what it’s been up to in 2022 so far, with its managing director Brett Lynch commenting it’s had “an extremely bright start” to the year.
Thus, today’s moves might be the market’s way of rebalancing the stock’s value after yesterday’s gains.
Fortunately, today’s fall hasn’t been enough to put the company’s shares back into the long-term red.
Right now, the Sayona share price is 121% higher than it was at the start of 2022.
The post Why is the Sayona (ASX:SYA) share price tumbling 9% today? appeared first on The Motley Fool Australia.
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More reading
- Why is the Novonix (ASX:NVX) share price charging 6% higher?
- Why Allkem, Iluka, Pendal, and Sayona Mining shares are charging higher
- Here’s why the Sayona (ASX:SYA) share price is surging 34% on Monday
- Why is the Sayona Mining (ASX:SYA) share price rocking a new 10-year high today?
- Why is the Sayona (ASX:SYA) share price getting so much love on Friday?
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. 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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