The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very positive note. In afternoon trade, the benchmark index is up 0.85% to 7,444.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
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Greenland Minerals Ltd (ASX: GGG)
The Greenland Minerals share price has crashed 34% to 8.3 cents. This morning the rare earths explorer revealed that the Greenland Government has passed new legislation concerning uranium mining. The new legislation prohibits preliminary investigation, exploration, and exploitation of uranium. It defines this as uranium content which occurs at 100 parts per million (ppm) or greater in the total resource. This essentially bans rare earths production, which can contain radioactive elements including uranium and thorium.
Liontown Resources Limited (ASX: LTR)
The Liontown Resources share price has fallen a further 3.5% to $1.58. Investors have been selling this lithium share following the release of its definitive feasibility study (DFS) for the Kathleen Valley Project. While the release notes that the project has a post-tax net present value (NPV) of $4.2 billion, investors appear concerned with the lofty long term lithium price the company is using as part of its valuation model.
Nearmap Ltd (ASX: NEA)
The Nearmap share price is down a further 3% to $1.83. This aerial imagery and location data company's shares have come under pressure since the release of its guidance for FY 2022. Nearmap advised that it expects annual contract value (ACV) of between $150 million and $160 million on a constant currency basis in FY 2022. This is up from $128.2 million in FY 2021 and represents growth of 17% to 24.8%.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price has continued to sink and is down a further 7% to $1.41. Investors have been hitting the sell button this week after the payments company downgraded its full year operating earnings guidance. Pushpay now expects operating earnings of US$62 million and US$67 million. This compares to previous guidance of US$66 million and US$71 million.
