The S&P/ASX 200 Index (ASX: XJO) has started the week strongly. In afternoon trade, the benchmark index is up 1.2% to 7,147.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price is down 2% to $1.17. This morning Macquarie downgraded the nickel producer's shares to a neutral rating and cut its price target down from $1.70 to $1.30. Its analysts expect higher coal prices to offset any benefits from rising nickel prices.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is down 6% to 81.5 cents. This morning the uranium miner agreed to sell its historical mining information for the Agadez Project in Niger to Kopore Metals Limited (ASX: KMT). Outside this, sentiment has been low for uranium since Russia's invasion of Ukraine.
Tassal Group Limited (ASX: TGR)
The Tassal share price is down almost 2% to $3.41. The catalyst for this decline has been the seafood company's shares trading ex-dividend this morning for its interim dividend. Eligible shareholders can look forward to receiving Tassal's 8 cents per share dividend later this month on 30 March.
Westgold Resources Ltd (ASX: WGX)
The Westgold share price has tumbled 13% to $2.12. Investors have been selling down this gold miner's shares today following the successful completion of its $100 million institutional placement. Westgold raised the funds at a 13.9% discount of $2.44 per new share. These funds will be used to accelerate the company's Murchison and Bryah growth strategy. Management advised that this strategy is focused on establishing a systematic pathway towards a +400,000 ounce per annum gold production rate from FY 2024.
