Liontown Resources plunges after saying it can't explain recent share price surge
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The news: Shares in lithium miner Liontown Resources plunged on Monday after it told the market on Friday evening it couldn't explain a 52% share price boost since 8 May, and as ASX-listed lithium miners more broadly saw sharp losses.
The numbers: Liontown shares were down 15.34% at $0.69 at 2:29pm AEST. The wider materials sector is down 1.5%.
The company's share price surged 52% from $0.54 per share at close on 8 May to $0.84 per share at close on 16 May.
The context: On Friday evening, Liontown released its response to an ASX price and volume query, denying knowledge of any unannounced information that could explain the recent trading.
The ASX 200 experienced an eight-day rally between 6 May and 16 May, partly sustained by the economic optimism from the de-escalation of the US-China trade war.
The source: ASX
