Why is the Sayona Mining share price tumbling 6% today?

The Sayona Mining Ltd (ASX: SYA) share price is in the red for a second consecutive day as its shares positively fly off the shelf.

At the time of writing, the Sayona share price is 13.2 cents. That’s 5.71% lower than it was at yesterday’s close and 12% lower than it ended last week.

For context, the broader market is trading higher today. The All Ordinaries Index (ASX: XAO) is currently up 0.13% while the S&P/ASX 200 Index (ASX: XJO) has gained 0.27%.

So, what’s going on with the emerging lithium producer today? Let’s take a look.

What’s going on with the Sayona Mining share price?

Shares in Sayona have caught the market’s attention on Tuesday despite the company’s silence.

The stock is currently among the most traded on the market. More than 106 million Sayona shares have swapped hands so far today. And it’s not alone in being noticed.

Let’s compare the Sayona Mining share price’s performance today to its ASX 200-listed lithium peers.

The ASX 200’s most traded share so far today is lithium producer Core Lithium Ltd (ASX: CXO). Nearly 23 million Core Lithium shares have traded so far today while the stock has slipped around 6% at the time of writing.

Lithium shares Allkem Ltd (ASX: AKE) and Liontown Resources Ltd (ASX: LTR) have joined Core Lithium in the red – down 5.2% and 4.29% respectively.

Together, they make up the three worst-performing S&P/ASX 200 Materials Index (ASX: XMJ) stocks right now.

Shares in Pilbara Minerals Ltd (ASX: PLS) are also worth a mention. The company is currently the ASX 200’s third most traded stock.

Thus, it appears to be a bad day for ASX lithium shares in general. And it’s worth noting there has been plenty of turbulence in the sector recently.

In fact, Sayona Mining was just one lithium stock to see its share price plummet last month. The company’s shares fell 32% in June after it suffered a major sell-off event.

The post Why is the Sayona Mining share price tumbling 6% today? appeared first on The Motley Fool Australia.

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More reading

• How did the Sayona Mining share price perform in FY22?
• Why did the Sayona Mining share price crash 32% in June?
• Why Regis Resources, Sayona, Woodside, and Xero shares are pushing higher
• Why BWX, Sayona Mining, Tyro, and Woodside shares are sinking
• Why have ASX lithium shares had such a lousy month in June?

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 Scott Phillips.

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