Why Allegiance Coal, LiveHire, NIB, and Pendal shares are dropping

These ASX shares are falling despite the market charging higher…

| More on:
Red line going down on an ASX market chart which symbolises a falling share price.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is having a very strong day on Wednesday. In afternoon trade, the benchmark index is up 1.5% to 6,751 points.

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

Allegiance Coal Ltd (ASX: AHQ)

The Allegiance Coal share price has continued its decline and is down a further 22% to 14 cents. Investors have been selling off this coal miner's shares this week following the release of a very disappointing update. As Allegiance Coal has been unable to successfully ramp up production to previous expectations, it has been left in a difficult position financially. In order to keep operating, the company has established a $5 million equity facility.

LiveHire Ltd (ASX: LVH)

The LiveHire share price is down 5% to 38 cents. This morning this talent technology company released its quarterly update and reported a 10% increase in annual recurring revenue to $5.7 million. This was offset by a 22% increase in quarterly cash burn to ~$2 million. This leaves LiveHire with a precariously low cash balance of just $7.3 million, down 49% year on year.

NIB Holdings Limited (ASX: NHF)

The NIB share price is down almost 3% to $7.31. This is despite there being no news out of the private health insurer. However, it is possible that it has been impacted by some investors rotating out of lower risk defensive shares and back into higher risk options today.

Pendal Group Ltd (ASX: PDL)

The Pendal share price is down over 2% to $4.33. This may have been driven by profit taking after some strong gains in recent days. This has been driven by speculation and then confirmation that the company has received another takeover proposal from Perpetual Limited (ASX: PPT). Talks are ongoing and no deal has been reached.

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 NIB Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why Ampol, Calix, Collins Foods, and Propel shares are tumbling today

These ASX shares are ending the week in the red. But why?

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Australian Finance Group, Chalice, DroneShield, and ResMed are sinking today

These ASX shares are having a tough time on Thursday. But why?

Read more »

A young man goes over his finances and investment portfolio at home.
Growth Shares

1 ASX growth stock down 30% to buy right now

The market has reacted badly to this ASX 200 company's half-year result. This could be your chance to get in.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Flight Centre, Fortescue, Kelsian, and Neuren shares are dropping today

These ASX shares are being hit hard on Wednesday. But why?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Brainchip, DGL, Weebit Nano, and Zip shares are dropping today

These ASX shares are being hit hard on Tuesday. But why?

Read more »

A man and a woman sit in front of a laptop looking fascinated and captivated.
Share Fallers

This ASX All Ords stock's founders just sold 40 million shares, and the stock dove 14%

This All Ords share's founders just cashed out $30 million.

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Nanosonics, NIB, Santos, and TPG shares are falling today

These ASX shares are starting the week in the red.

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why Accent, Austal, Newmont, and Sandfire shares are plunging today

These ASX shares are ending the week in the red. But why?

Read more »