These ASX silver shares fell today, along with the price of silver

The share prices of these ASX silver shares, like Silver Mines (ASX: SVL), all finished lower today as the price of silver fell.

| More on:
Coles Woolworths share price asx silver shares represented by silver coin being squeezed in nut cracker

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

South32 Ltd (ASX: S32), Silver Mines Limited (ASX: SVL), Manuka Resources Ltd (ASX: MKR), and Silver Lake Resources Limited (ASX: SLR)'s share prices all finished lower at the close of trading today.

The South32 share price ended the day 1.79% lower while Silver Mines shares were down 4.55%. Manuka Resources shares were selling 3.33% under yesterday's close while the Silver Lake share price fell 4.29%. To put these numbers in perspective, the All Ordinaries Index (ASX: XAO) finished just 0.47% down on yesterday.

The slump in these ASX mining share prices can be attributed to today's fall in silver.

Today's drop in the silver price

Silver fell by 1.83% today in commodities trading to US$26.20 at the time of writing. For comparison, the next closest precious metal to fall in price as steeply was copper. However, copper's commodity price dropped by only half that of silver.

Despite today's fall in price, silver has been on an upward trajectory over the past year. The metal was trading at US$11.77 in March last year. That means, even after today's falls, the current silver price is trading 123% higher than at the same time last year. 

The fall in the price of silver today, however, wreaked havoc on ASX silver shares. The wider market began the day positively only to fall following news the Reserve Bank of Australia would keep interest rates steady.

Silver shares, meanwhile, were in decline from today's opening. Since the shares mentioned above are reliant on particular commodities, it is common for their share prices to fluctuate along with the commodity's price.

Share price snapshots

Despite today's turmoil, three of the abovementioned four shares are currently trading higher than this time last year, some by significant margins. The exception is the Silver Lake Resources share price which has fallen by around 15% over the past year.

The South32 share price closed today at $2.74. Only last week, it hit a new 52-week high of $2.88. During the onset of COVID-19 in March last year, South32 shares hit a low of $1.59.

The Silver Mines share price was trading at 22 cents at close of trading today. Only one month ago, Silver Mines shares hit a 52-week high of 36 cents. This time last year, shares in the company were trading at 8 cents each. Investors who bought in one year ago would be sitting on a tidy return of 175% based on the current Silver Mines share price. 

Manuka Resources shares were selling for 44 cents each at today's closing. While down from its record high of 71 cents, the Manuka share price is still double that of its initial public offering (IPO) price of 22 cents a pop.

The exception to these 12-month gains is the Silver Lake Resources share price, which closed today's session at $1.33. This time last year, investors were buying Silver Lake shares for $1.58. The company's shares have also been on the decline year to date, having fallen nearly 30% since the start of the year. 

Based on current share prices, the market capitalisations of South32, Silver Mines, Manuka Resources, and Silver Lake Resources are around $13.3 billion, $261 million, $42 million, and $1.2 billion, respectively.

Motley Fool contributor Marc Sidarous 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.

More on Share Market News

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »

Father in the ocean with his daughters, symbolising passive income.
Dividend Investing

I'd spend $8k on these ASX 200 shares today to target a $6,102 annual passive income

I believe these ASX 200 shares will continue rewarding passive income investors for years to come.

Read more »

Three businesspeople leap high with the CBD in the background.
Share Market News

Boom! ASX 200 blasts to new record highs

ASX 200 investors just sent the benchmark index into uncharted territory.

Read more »