Mineral Resources leads declines as lithium stocks tumble
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The news: Mineral Resources, Liontown Resources and Pilbara Minerals saw their share prices slashed during trading on the ASX, reversing recent gains by lithium stocks.
The numbers: Mineral Resources (-7.8%) was the worst performing company across the ASX 200 by 2:30pm AEDT.
Fellow lithium stocks Pilbara Minerals and Liontown Resources, both down 4.8%, were the third- and fourth-worst performing ASX 200 companies, while IGO (-2.9%) also fell.
Arcadium Lithium rose 0.7%, extending gains from the previous two trading sessions, after Rio Tinto confirmed it has approached the lithium producer for a potential acquisition.
Materials, down 1.81%, was the second-worst performing sector, as the wider sector inched up 0.05%. Rio (-3.49%), Fortescue (-2.39%) and BHP (-1.94%) extended losses after China's economic agency failed to provide new stimulus announcements as anticipated at a briefing on Tuesday.
The context: The slide by lithium stocks pares gains made last month, after the EU signalled increased investment in Australian critical minerals, and following output cuts by Chinese battery giant Contemporary Amperex Technology Co.
