The Magnis Energy Technologies Ltd (ASX: MNS) share price is suffering today despite the company’s silence.
Fortunately (or unfortunately), the vertically integrated lithium-ion battery company’s stock isn’t alone in the red on Wednesday.
At the time of writing, Magnis shares are trading for 49 cents, 5.77% lower than the previous close.
For context, the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) are down 0.73% and 0.68% respectively.
Let’s take a look at what’s going on with the share prices of Magnis and its ASX-listed peers today.
What’s going on with Magnis shares on Wednesday?
The Magnis share price is struggling alongside its peers in the materials sector today.
Right now, the S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.47%, with lithium explorer AVZ Minerals Ltd (ASX: AVZ) leading the fall.
Its share price has tumbled 6.1% on Wednesday.
The sector’s other major players include emerging battery metals producer Liontown Resources Limited (ASX: LTR), and explorer and developer of green metals Chalice Mining Ltd (ASX: CHN).
Their share prices have slipped 6% and 5.6%, respectively, at the time of writing.
Today’s dip sees the Magnis share price 14% lower than it was at the start of 2022. Though, it’s still 48% higher than it was this time last year.
The post Why is the Magnis share price tumbling 5% on Wednesday? appeared first on The Motley Fool Australia.
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More reading
- Why is the Magnis (ASX:MNS) share price leaping 10% today?
- The Magnis (ASX:MNS) share price has lost 18% in a month, but there was some good news today
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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