Why Beach, Melbana, St Barbara, and Tietto shares are dropping

These ASX shares are sinking on Tuesday…

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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 This compares to its original (withdrawn) guidance of 305-355koz with an ASIC of $1,710 to $1,860 per ounce.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.

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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