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Highlights
- The ASX200 Materials sector closed in red territory today.
- As a result, Novonix shares fell prey to the sectoral impact.
- Novonix had announced a board update recently which is also likely influencing the share price.
The shares of Novonix Limited (ASX:NVX) closed 1.400% lower at AU$3.520 per share on the ASX today (2 June). More than 3.1 million shares of Novonix were traded during the entire trading session on the ASX today.
The share price movement of the ASX-listed battery materials company is difficult to explain as it did not come up with an announcement today. However, it can be assumed that the share price of Novonix was impacted due to the recent developments within the company.
The share price of Novonix has gained over 45% on the ASX in the past 12 months. On the other hand, Novonix’s year-to-date share price has fallen approximately by 67% as of today (2 June).
Why did Novonix shares close in red today?
The company did not come up with any significant announcement on the ASX today. However, there could be many factors responsible for this share price movement of Novonix on the ASX.
Firstly, the ASX200 Materials sector failed to perform well on the ASX today. The S&P/ASX200 Materials sector (ASX:XMJ) closed 0.363% lower at 17801.700. The sectoral influence could be a major reason behind Novonix’s share price fall.
Not only Novonix, but its peer, Codan Limited (ASX:CDA), also closed over 3% lower on the ASX on Thursday. Therefore, it suggests that Novonix might have reacted to the sectoral fall.
Image source: © Scanrail | Megapixl.com
Another factor responsible for Novonix’s share price fall on the ASX could be the retirement of its director.
On 27 May 2022, Novonix announced that its director Trevor St Baker AO, has decided to retire from the board of the company immediately.
Novonix has already appointed Chris Hay as the alternate director of the company, replacing Baker. It is likely that due to the change in board members, the shares of Novonix closed in red today.
Read more: Why did Novonix (ASX:NVX) shares gain over 67% in a year?
About Novonix:
Novonix Limited is an ASX-listed battery materials developer belonging to the materials sector. The company is primarily engaged with the development and supply of battery materials, services, and equipment to the lithium industry worldwide. Novonix has its business units in the US and Canada.
The company currently owns a market capitalisation of AU$1.73 billion. Novonix is headquartered in Brisbane, Australia.
Read more: Novonix (ASX:NVX) shares skyrocket over 14% today; here's why
