Why Argosy Minerals, BHP, Ingenia, and Woodside shares are dropping today

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) has given back the majority of its morning gains but remains in positive territory. The benchmark index is currently up 0.1% to 6,575.8 points.

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

Argosy Minerals Limited (ASX: AGY)

The Argosy Minerals share price is down over 6% to 33.7 cents. This appears to be a combination of profit taking after a strong gain on Thursday and weakness in the lithium industry today. Recession concerns could be weighing on investor sentiment in the high risk battery materials sector.

BHP Group Ltd (ASX: BHP)

The BHP share price is down 2.5% to $40.29. This decline appears to have been driven by further weakness in commodity prices overnight and on Friday. According to Reuters, the Dalian iron ore price is down over 4.5%. In addition, the copper price fell 1.7% overnight. This means the metal recorded its biggest quarterly slump since 2011.

Ingenia Communities Group (ASX: INA)

The Ingenia share price is down 1% to $3.93. This morning the retirement and holiday communities developer released an update which revealed that its FY 2022 sales guidance is expected to be met. This follows a strong performance from the holidays segment and the achievement of its settlements target. However, its earnings before interest and tax growth is only expected to be at the lower end of its 5% to 10% guidance range.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is down 4% to $30.56. Investors have been selling this energy producer’s shares following a poor night of trade for oil prices. Traders were selling down oil amid concerns over demand and confirmation that OPEC plans to increase production in August.

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 Scott Phillips.

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