Why AGL, Hub24, Rio Tinto, and Zip shares are dropping

These ASX shares are in the red today…

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In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,573.4 points.

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

AGL Energy Limited (ASX: AGL)

The AGL share price is down 3% to $8.53. This morning the energy giant revealed a fault has occurred at the Loy Yang A power station in Victoria. This is a coal-fired power station responsible for supplying around 30% of the south-eastern state’s electricity. AGL is uncertain of how long the generator may be out of action but warned it could be until August.

Hub24 Ltd (ASX: HUB)

The Hub24 share price is down almost 7% to $24.20. This morning a number of brokers responded to the investment platform provider’s latest quarterly update. And while most brokers continue to rate Hub24’s shares as a buy, they have trimmed their price targets following the update. Furthermore, much softer than expected adviser additions surprised a number of brokers.

Rio Tinto Limited (ASX: RIO)

The Rio Tinto share price is down almost 2.5% to $118.81. This follows the release of the mining giant’s first quarter update. Rio Tinto reported production declines across the majority of its operations. And while management is confident that things will improve and has reiterated its full year production and cost guidance, it appears that some investors aren’t overly convinced.

Zip Co Ltd (ASX: Z1P)

The Zip share price just can’t catch a break and is down a further 3% to a multi-year low of $1.21. This is despite there being no news out of the buy now pay later provider. The Zip share price is now down by a whopping 72% since the start of the year.

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 Hub24 Ltd and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Hub24 Ltd. 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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