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.
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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.
