The S&P/ASX 200 Index (ASX: XJO) is having a subdued day. In afternoon trade, the benchmark index is up a fraction to 6,759.8 points.
Four ASX shares that are out of form today are listed below. Here's why they are dropping:
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Leo Lithium Limited (ASX: LLL)
The Leo Lithium share price is down 2.5% to 40 cents. This follows the release of the Mali-based lithium developer's quarterly update. Although that update revealed that everything is going to plan, it hasn't been enough to stop the Leo Lithium share price from continuing its slide today. Investors appear concerned with the risks of operating in Mali given its volatile political situation.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price is down 3.5% to $94.26. This may have been driven by news that Rio Tinto has agreed to settle a long-running dispute with the ATO. The mining giant has agreed pay $613 million of unpaid taxes That's on top of the $378 million the company had previously paid in relation to the dispute.
Santos Ltd (ASX: STO)
The Santos share price is down almost 2% to $7.26. This is despite Santos releasing its second quarter and first half update and revealing record first half sales revenue of US$3.8 billion and record free cash flow of US$1.7 billion. This was up 85% and 199%, respectively, over the prior corresponding period. One slight negative, though, was its production, which fell short of the market's expectations. Combined with a pullback in oil prices, this appears to be putting pressure on its shares.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down almost 5% to $31.03. This energy producer also released its quarterly update this morning and revealed strong revenue growth. It also surprised the market with its decision to discontinue the sell-down of equity in the Senegal-based Sangomar operation. Some investors appear unsure about this decision judging by the Woodside share price performance.
