In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,132.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down a further 4.5% to $1.42. This means the lithium miner's shares are down 24% since Monday's close. Investors have been hitting the sell button following a broker downgrade by Macquarie and concerns over demand for the battery making ingredient in China.
Creso Pharma Ltd (ASX: CPH)
The Creso Pharma share price has sunk 9% to 2.1 cents. Investors have been selling this cannabis company's shares after the company kicked out its chairman, James Ellingford, with immediate effect. While the company didn't comment on the reason for Ellingford's exit, it could be due to his deplorable behaviour on TikTok.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is down 6% to 93.2 cents. This appears to have been driven by a sharp pullback in nickel prices overnight. According to CommSec, the nickel price recorded a 9.1% decline on Wednesday night. Prices were down as much as 12% in volatile and illiquid conditions. In response, the London Metal Exchange (LME) said it would be conducting enhanced monitoring of nickel trading.
Perpetual Limited (ASX: PPT)
The Perpetual share price is down 14% to $27.09. This follows news that the courts are enforcing its acquisition of rival fund manager Pendal Group Ltd (ASX: PDL). This is likely to scupper the potential takeover of Perpetual by a consortium comprising BPEA Private Equity Fund VIII and Regal Partners.
