Why Block, IGO, Navigator Global, and Platinum shares are dropping

These ASX shares are ending the week in the red…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.6% to 7,489.1 points.

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

Block Inc (ASX: SQ2)

The Block share price is down 1.5% to $168.22. This follows a poor night of trade for the payments giant’s NYSE listed shares. In addition, the tech sector is underperforming today, with the S&P/ASX All Technology Index trading only a fraction higher.

IGO Ltd (ASX: IGO)

The IGO share price is down 2% to $13.63. Investors have been selling this battery metals miner’s shares in response to a bearish broker note out of UBS. This morning the broker initiated coverage on IGO with a sell rating and $12.65 price target. It believes its shares are overvalued at the current level and fears that current sky high lithium and nickel prices are unsustainable.

Navigator Global Investments Ltd (ASX: NGI)

The Navigator Global share price is down over 6.5% to $1.63. This morning the investment company announced the completion of a $47 million placement. Navigator raised the funds at $1.55 per new share, which represents an 11.4% discount to its last close price. The company will now seek to raise a further $10 million through a share purchase plan.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price has crashed 15% to $1.90. This follows the release of the fund manager’s latest funds under management (FUM) update. According to the release, Platinum’s FUM fell 7.9% or $1.7 billion in March to $19.442 billion. This was despite only recording net outflows of $222 million and the ASX 200 rising over 6% during the month.

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. owns and has recommended Block, Inc. The Motley Fool Australia owns and has recommended Block, Inc. 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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