In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday's heavy decline. At the time of writing, the benchmark index is up 1.25% to 6,747.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Adbri Ltd (ASX: ABC)
The Adbri share price is down a further 4% to $1.38. Investors have been selling this building materials company's shares since the release of a very disappointing trading update on Monday. That update reveals that higher costs are squeezing its profits in FY 2022. The company also announced the exit of its CEO.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price is down over 1% to $93.06. The catalyst for this has been the release of a mixed quarterly update from the mining giant on Tuesday. Rio Tinto's shipments and production fell short of consensus estimates across most commodities. For example, the company reported iron ore shipments of 82.9Mt, but the market was expecting shipments of 84.5Mt.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down a massive 21% to 52.7 cents. This follows the release of the gold miner's first quarter update, which revealed weaker than expected production and higher costs. This has led to St Barbara downgrading its full year production guidance and increasing its all-in sustaining cost guidance.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 2% to $10.57. Investors have been selling Whitehaven Coal and other coal miners on Tuesday. This may have been driven by news that China intends to increase its coal production. If this increases supply meaningfully, it could put downward pressure on the sky high prices that coal is commanding currently.
