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NS S & P / ASX200 Index (ASX: XJO) is returning most of its daytime profits and will record very little profits. At the time of writing, the benchmark index has risen to just 7,443.4 points.
Here are four ASX stocks that couldn’t keep up with today’s market rise. The reasons they are sinking are as follows:
Mineral Resources Limited (ASX: MIN)
Stock prices for mineral resources fell 7% to $ 39.85.This follows a disappointing release First quarter update From mining and mining service companies. Not only did the company report a plunge in iron ore prices, it also produced and shipped less lithium than in the previous quarter. Production from Mount Marion fell 13% and shipments fell 54%. This was due to rainfall and delayed shipments.
Paladin Energy’s share price fell 5% to 91.7 cents. This seems to have been caused by a pullback in uranium prices. Weekly uranium prices have fallen by $ 4.00 or 9.7% to $ 37.25 per pound, according to CommSec.
Regis Resource Limited (ASX: RRL)
Regis Resources’ share price fell 5% to $ 2.16.Investors are selling shares of this gold miner after its release First quarter update. Regis reported 101,989 ounces of gold production in three months. This is down 11% from the previous quarter. This reduction in production increased Regis’ All-Instain Stain Cost (AISC) by 9.7% to $ 1,521 per ounce.
Smartgroup Corporation Ltd (ASX: SIQ)
Smartgroup’s share price fell another 3% to $ 8.08. Investors sold their stake in the fleet management and payroll package company this week. Acquisition negotiations with TPG Global and Potencia Capital Consortium collapse.. After the due diligence period, the consortium withdrew its $ 10.35 per share offer and made a lower offer of $ 9.25 per share. This was quickly rejected by the Smartgroup Board.
Why Mineral Resources, Paladin Energy, Regis, and Smart Groups are sinking
Source link Why Mineral Resources, Paladin Energy, Regis, and Smart Groups are sinking