The Novonix Ltd (ASX: NVX) share price closed lower on Wednesday despite no news coming from the company in the last month.
Shares of the battery materials tech company finished at $2.74 each, 6.49% lower than yesterday’s closing price of $2.93.
By comparison, the S&P/ASX 200 Information Technology Index (ASX: XIJ) closed 0.27% higher while the S&P/ASX 200 Industrials Index (ASX: XNJ) finished 1% ahead.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) gained 0.31% today.
Let’s look at the performance of Novonix against some of its peers today.
Why did the Novonix share price plummet today?
The Novonix share price was sold off considerably this afternoon.
It wasn’t alone though. Lake Resources NL (ASX: LKE), Vulcan Energy Resources Limited (ASX: VUL), and Core Lithium Limited (ASX: CXO) also closed well in the red today. The companies lost 5.6%, 4.93%, and 4.03%, respectively.
It was a tough day generally for ASX lithium shares today despite lithium carbonate prices holding steady, according to Trading Economics.
Today’s fall sees the Novonix share price down 74% year to date and 51% over the last six months.
Its long-term trend is more positive, though, with the company’s shares yielding a gain of more than 225% in the last five years.
The benchmark index is currently down 6% year to date and up 24% over the last five years.
The post Why did the Novonix share price nosedive 6% today? appeared first on The Motley Fool Australia.
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Motley Fool contributor Matthew Farley 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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