The S&P/ASX 200 Index (ASX: XJO) has given back the majority of its intraday gains and is on course to record a very small gain. At the time of writing, the benchmark index is up slightly to 7,443.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price is down 7% to $39.85. This follows the release of a disappointing first quarter update from the mining and mining services company. As well as reporting a sharp decline in the price of its iron ore, the company produced and shipped less lithium than the previous quarter. Production from Mt Marion was down 13% and shipments were 54% lower. This was due to rainfall and shipment delays.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price has fallen 5% to 91.7 cents. This appears to have been driven by a pullback in the uranium price. According to CommSec, the weekly uranium price is down US$4.00 or 9.7% to US$37.25 per pound.
Regis Resources Limited (ASX: RRL)
The Regis Resources share price has dropped 5% to $2.16. Investors have been selling this gold miner’s shares following the release of its first quarter update. Regis reported gold production of 101,989 ounces for the three months, down 11% from the previous quarter. This lower production led to Regis’ all-in sustaining cost (AISC) rising 9.7% to $1,521 per ounce.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price is down a further 3% to $8.08. Investors have been selling this fleet management and salary packaging company’s shares this week after takeover talks with the TPG Global and Potentia Capital consortium collapsed. After a period of due diligence, the consortium withdrew its $10.35 per share offer and then made a lower offer of $9.25 per share. This was swiftly rejected by the Smartgroup Board.