Why 88 Energy, Gold Road, Sigma, and Star shares are dropping

These ASX shares are having bad days…

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The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday. In afternoon trade, the benchmark index is up 0.75% to 7,520.5 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

88 Energy Ltd (ASX: 88E)

The 88 Energy share price has crashed 50% to 1.65 cents. This follows disappointing results from the Merlin-2 wireline logging program. The results from the wireline program have demonstrated that target zones have lower than anticipated porosity/permeability, resulting in difficulty obtaining fluid samples of any significance.

Gold Road Resources Ltd (ASX: GOR)

The Gold Road share price is down 2% to $1.62. Investors have been selling this gold miner's shares after Bell Potter downgraded them this morning. According to the note, the broker has downgraded Gold Road's shares to a hold rating with a $1.70 price target. It made the move on valuation grounds after its shares appreciated significantly since the start of February.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price has fallen 2% to 52 cents. This morning Macquarie responded to the pharmacy chain operator's full year results by maintaining its neutral rating but cutting its price target to 52 cents. Macquarie highlights that management has advised that Sigma's ERP software implementation is having issues.

Star Entertainment Group Ltd (ASX: SGR)

The Star share price is down 1.5% to $3.21. Investors have been selling this casino and resorts operator's shares after it revealed that it has been hit with a class action. According to the release, Slater & Gordon Limited (ASX: SGH) has served Star with a claim alleging that the casino operator failed to comply with continuous disclosure requirements and engaged in misleading or deceptive conduct between 29 March 2016 and 16 March 2022.

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 recommended Macquarie Group Limited. 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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