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.

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 female miner wearing a high vis vest and hard hard smiles and holds a clipboard while inspecting a mine site with a colleague.
Materials Shares

Why are Fortescue shares charging higher today?

What is getting investors excited today? Let's find out.

Read more »

Business people discussing project on digital tablet.
Materials Shares

What does Macquarie think Liontown Resources shares are worth?

Let's see if analysts think that this lithium miner is in the buy zone or best avoided.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Materials Shares

Lynas shares charge higher on big news

What is getting investors excited today? Let's find out.

Read more »

Lion holding and screaming into a yellow loudspeaker on a blue background, symbolising an announcement from Liontown.
Materials Shares

Liontown Resources shares roar higher on big news

This lithium miner is catching the eye with some big news. Here's what is happening.

Read more »

Image of young successful engineer, with blueprints, notepad and digital tablet, observing the project implementation on construction site and in mine.
Materials Shares

What does Macquarie think BHP shares are worth?

Is now a good time to buy the miner's shares? Let's find out.

Read more »

Middle age caucasian man smiling confident drinking coffee at home.
Materials Shares

What does Macquarie think Pilbara Minerals shares are worth?

Is this lithium miner dirt cheap? Let's find out.

Read more »

Two miners standing together.
Materials Shares

Is it time to buy this beaten down lithium share?

This diversified miner’s share price has been hit on multiple fronts. What does it mean for investors?

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Materials Shares

Pilbara Minerals share price falls on 30% quarterly revenue slump

ASX investors are bidding down Pilbara Minerals shares on Thursday. Here’s why.

Read more »