Why is the Magnis share price tumbling 5% on Wednesday?

Is this weighing on the lithium-ion batteries-focused share?

| More on:
A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen showing the Nickel Industries share price has dropped by 36% since early March

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

Key points

  • The Magnis share price is tumbling nearly 6% to trade at 49 cents on Wednesday
  • Interestingly, there's been no news to explain the vertically integrated lithium-ion battery company's slip
  • However, the broader materials sector is suffering today, with its biggest players all companies in the battery and green metals space

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.

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.

More on Materials Shares

a close up of an adult male lion with a large mane fast asleep.
Materials Shares

Why did the Liontown share price plummet 25% in June?

June was a big month for this ASX lithium stock.

Read more »

A man stuck up to his waist in snow looks through binoculars
Materials Shares

The AVZ Minerals share price went nowhere in June. Here’s why

AVZ Minerals' stock spent all of last month in the freezer.

Read more »

a group of three men in hard hats and high visibility vests stand together at a mine site while one points and the others look on with piles of dirt and mining equipment in the background.
Materials Shares

Why are these ASX 200 mining shares behind the eight ball today?

The ASX 200 is up, but not all shares are in the green.

Read more »

A female construction project manager in a hi vis vest and hard hat considers progress on a chart on the wall.
Broker Notes

Down 10% in a month, could Boral shares be a buy?

Some are still constructive on the construction player's shares.

Read more »

A boy is wowed at a surge of water from a blowhole.
Materials Shares

Why did the Vulcan Energy share price crater 28% in June?

Investors punished Vulcan last month.

Read more »

A couple are happy sitting on their yacht.
Materials Shares

Up 138% in a year and 1800% in five years. Why did the Lake Resources share price soar in FY22?

How did the financial year pan out for Lake Resources?

Read more »

Materials Shares

Will the Liontown share price bounce back in July?

Will July be a better month for this lithium share?

Read more »

worker with head down at oil drilling site
Materials Shares

These ASX 200 mining shares are digging a deeper hole on Friday

BHP, Rio Tinto, and Fortescue are dragging on their sector today.

Read more »