Why Nickel Mines, Paladin Energy, Tassal, and Westgold shares are dropping

These ASX shares are starting the week in the red…

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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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.

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