In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is storming higher and on course to record another solid gain. At the time of writing, the benchmark index is up 0.9% to 6,988 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
Aurelia Metals Ltd (ASX: AMI)
The Aurelia Metals share price is down 2.5% to 40 cents. This is despite the release of a positive announcement out of the gold-focused mining and exploration company this morning. That announcement advises that following scoping studies, the company has decided to proceed with the definitive feasibility study at its Federation project. Management notes that Federation represents one of the most significant discoveries in the Cobar Basin in recent decades.
Brickworks Limited (ASX: BKW)
The Brickworks share price has fallen 2.5% to $20.49 despite there being no news out of the building products company. This decline may have been driven by profit taking after some strong gains in recent weeks. In fact, on Wednesday the Brickworks share price hit a record high.
Greenland Minerals Ltd (ASX: GGG)
The Greenland Minerals share price crashed 45% lower to 8.8 cents before being placed into a trading halt. Investors were selling the Greenland-based mineral exploration company’s shares following an unfavourable result in the country’s election. Overnight, Greenland’s left-wing environmentalist party won the election and vowed to block the development of the company’s Kvanefjeld rare earth project.
Resolute Mining Limited (ASX: RSG)
The Resolute share price has dropped almost 4% to 46.2 cents. Investors continue to sell this embattled gold miner’s shares following a terrible few months. A disappointing full year result, weak guidance, and the termination of its mine licence by the Ghanaian government are all weighing heavily on the company’s shares.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Brickworks. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.