Core Lithium share price slides 7% amid market-wide rout

Core adds to the list of shares in the red today.

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Key points

  • Core Lithium joins the list of ASX shares trading in the red today 
  • Investors have sold off the stock en masse pushing shares 5% lower at the open 
  • Despite the headwinds, Core Lithium remains up more than 360% for the last 12 months 

The Core Lithium Ltd (ASX: CXO) share price has slipped 7% in early trade on Tuesday and now rests at $1.17 apiece.

In broad market moves, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) has slipped 6% into the red towards its lowest level in over a month.

TradingView Chart

What’s up with the Core Lithium share price?

Investors have sold Core Lithium shares amid a market-wide selloff on Tuesday where the benchmark had slipped 5% at the open.

Before today’s price action the stock had been lumpy after trading in a set of peaks and troughs for the past 3 months.

The upside case was also made by TMF’s Brendon Lau earlier in June as well, citing several drivers in the investment debate.

However, the Core Lithium share price has managed to stay in the green and secure a 99% gain this year to date, outstripping most other ASX shares.

The ASX lithium basket was hit hard in early June following a note from Goldman Sachs outlining its more downbeat view of the sector.

Since the update, it’s been a wobbly ride for the Core Lithium share price, and shares have again trended south as investors sell off ASX shares en masse today.

With numerous shares hitting 52-week lows – in the double digits – the downward pressure is palpable.

Macquarie had given its vote of approval for ASX lithium shares last week, adding its view on concerns plaguing the lithium debate.

It seems the verdict’s out on what’s next in store for the lithium market in the coming years.

Despite the headwinds, Core Lithium remains up more than 360% for the last 12 months.

Motley Fool contributor Zach Bristow 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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