Why Advance Nanotek, BHP, Limemade, & Metcash shares are sinking

BHP Group Ltd (ASX:BHP) and Metcash Limited (ASX:MTS) are two of four ASX shares sinking lower on Tuesday. Here's why…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is having a very positive day on Tuesday. In afternoon trade, the benchmark index is up 1.2% to 6,856.4 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:

Advance Nanotek Ltd (ASX: ANO)

The Advance Nanotek share price is down 9% to $4.01. This may be due to profit taking after some strong gains recently. As the company creats ingredients that go into sunscreen products, investors may have been hopeful that demand will increase now that COVID-19 vaccines are being rolled out.

BHP Group Ltd (ASX: BHP)

The BHP share price is down 1.5% to $47.19. This is despite there being no news out of the mining giant today. However, while Goldman Sachs continues to rate BHP shares as a buy, this morning it warned that iron ore was likely to go from being in a deficit this year to a surplus in 2022. This is expected to put pressure on the price of the steel making ingredient.

Limeade Inc (ASX: LME)

The Limeade share price has continued its slide and is down a further 2.5% to 88.5 cents despite a rebound in the tech sector. Investors have been selling the employee experience software company's shares since the release of its results last month. Particularly disappointing investors was its guidance for FY 2021. Management expects revenue of US$50 million to US$53 million. This is a decline on FY 2020's revenue of US$56.6 million. Falling customer numbers is weighing on its performance.

Metcash Limited (ASX: MTS)

The Metcash share price is down 3.5% to $3.40 following the release of its strategy update. At the event, the wholesale distributor also revealed that its strong sales momentum had continued for all business segments during the second half of 2021. Supermarket, hardware, and liquor sales have all experienced double-digit growth compared to the prior corresponding period. Investors may have been expecting an even stronger update.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Advance NanoTek Limited and Limeade, Inc. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Chalice Mining, Cleanaway, Kogan, and Perpetual shares are sinking today

These ASX shares are having a tough time on Wednesday. But why?

Read more »

man grimaces next to falling stock graph
Share Fallers

Why did this ASX 100 stock just crash 11%?

Cleanaway shares have been on a crazy roller-coaster over the past 24 hours.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Brambles, Lifestyle Communities, Northern Star, and Select Harvests shares are sinking

These shares are having a tough session. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Cettire, DroneShield, St Barbara, and Star shares are dropping today

These ASX shares are having a tough time on Monday. But why?

Read more »

Woman in dress sitting in chair looking depressed
Consumer Staples & Discretionary Shares

Cettire share price plunges 6% after major investor pulls the plug

A 'red flag' triggered this investment company to sell out completely.

Read more »

A skydiving man in a jester hat and carrying a burger and sauce, pokes out his tongue at the camera, indicating all is not lost when you're falling.
Technology Shares

Why is the Droneshield share price crashing 19% on Monday?

Investors are sending shares in Droneshield down 19% in morning trade.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why COG, Karoon Energy, Netwealth, and Pilbara Minerals shares are dropping today

These ASX shares are ending the week deep in the red. But why?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Evolution Mining, Karoon Energy, ResMed, and Sayona Mining shares are dropping today

These ASX shares are having a tough session. But why?

Read more »