The S&P/ASX 200 Index (ASX: XJO) is on form again and on track to record a solid gain. In afternoon trade, the benchmark index is up 0.75% to 7,468.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Beach Energy Ltd (ASX: BPT)
The Beach share price is down almost 2% to $1.61. This appears to have been driven by a pullback in oil prices overnight. Traders were selling down oil amid concerns over demand. This follows further lockdowns in China, with Shanghai the latest city to be brought to a standstill.
Melbana Energy Ltd (ASX: MAY)
The Melbana Energy share price has crashed 14% to 12.5 cents. Investors have been selling this energy company's shares following the release of a drilling update at the Marti structure of its 30% owned Block 9 contract area. The update advises that at total depth there was some evidence of formation water returned with the oil during logging operations.
St Barbara Ltd (ASX: SBM)
The St Barbara share price has continued its slide and is down 2% to $1.44. This follows weakness in the gold price and a negative reaction to yesterday's guidance update. In respect to the latter, St Barbara advised that FY 2022 production is expected to come in at 275-290koz with an AISC of $1,750-1,870 per ounce. This compares to its original (withdrawn) guidance of 305-355koz with an ASIC of $1,710 to $1,860 per ounce.
Tietto Minerals Ltd (ASX: TIE)
The Tietto Minerals share price has tumbled 13% to 51 cents. This morning the gold developer announced the successful completion of a A$130 million two-tranche placement to fully fund its 3.35Moz Abujar Gold Project construction with no debt. These funds were raised at a 14.5% discount of 50 cents per new share.
