The S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday's selloff. In afternoon trade, the benchmark index is up 0.3% to 6,848.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down a further 10% to 95 cents. This follows news that the lithium developer is disputing the terms of a contract that would see its partner Lilac Solutions earn 25% of the Kachi Lithium Project. Given that Lake is heavily reliant on Lilac's potential DLE technology to make its project economical, investors appear concerned what this could mean for their partnership and the project.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price is down over 8% to 98.5 cents. Investors have been selling this donation platform provider's shares amid concerns that its takeover could be on the brink of collapsing. Pushpay has responded to the speculation but neither denied nor confirmed that the takeover is on the rocks.
South32 Ltd (ASX: S32)
The South32 share price is down 7% to $4.01. This has been driven by the mining giant's shares trading ex-dividend this morning for its latest dividend. Eligible shareholders can look forward to receiving its fully franked final dividend of 14 US cents per share and a fully franked special dividend of 3 US cents per share next month on 13 October.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 4% to $1.28. Investors have been selling this payments company's shares despite it naming a new CEO. Jon Davey will take the top job from the outgoing Robbie Cooke on 3 October. He is currently the CEO of Tyro's Health business, having joined Tyro in May 2021 following Tyro's acquisition of health fintech Medipass.
