

The Sayona Mining Ltd (ASX: SYA) share price is tanking on Friday despite no news having been released by the company.
Stock in the mineral explorer and developer is currently trading at 25.75 cents apiece, 8.04% lower than its previous close.
In comparison, the All Ordinaries Index (ASX: XAO) has lifted slightly, up 0.02% at the time of writing.
So, what might be weighing on the ASX lithium hopeful? Letâs take a look.
What’s going wrong for the Sayona Mining share price?
The Sayona Mining share price is plummeting today despite the companyâs silence. In fact, the market hasnât received word from the mineral stock in close to a month.
The last time the company released price-sensitive news was on 4 August. Then, it provided an update on the planned restart of its North American Lithium operation.
However, there is one situation that might explain the Sayona Mining share priceâs poor performance today. That is the poor performance of many of its peers.
The S&P/ASX 200 Materials Index (ASX: XMJ) is the ASX 200âs worst performing sector right now. It’s being dragged down amid concerns around a major lockdown and falling factory activity in China.
And lithium shares are, in turn, the sectorâs biggest weight.
The Mineral Resources Limited (ASX: MIN) share price is leading its downfall, tumbling 5.3%. Shares in Core Lithium Ltd (ASX: CXO), Liontown Resources Limited (ASX: LTR), and Lake Resources NL (ASX: LKE) arenât far behind, falling between 4.4% and 5.1%.
While Sayona Mining isnât a part of the ASX 200, its stock might be being influenced by the sell-off among its peers on the index.
Its shares are also falling alongside those of Piedmont Lithium Inc (ASX: PLL). The Piedmont Lithium share price has tumbled 4.5% at the time of writing after the company announced plans to build a second lithium hydroxide processing plant this morning.
Luckily, the Sayona Mining share price still has plenty of wiggle room. It is currently trading around 78% higher than it was at the start of 2022.
In comparison, the All Ords has slipped 11% year to date.
The post Why is the Sayona Mining share price crumbling 8% on Friday? appeared first on The Motley Fool Australia.
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More reading
- Why did the Sayona Mining share price go gangbusters in August?
- Why did the Sayona share price tumble 5% on Monday?
- Have Sayona Mining shares been a good investment in 2022?
- Why did the Sayona Mining share price beat the ASX All Ords on Tuesday?
- Why is the Sayona Mining share price surging 8% 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 Scott Phillips.
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