Why Chalice Mining, Fortescue, Mincor, and Zip shares are dropping today

These ASX shares are dropping on Tuesday…

| More on:
A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.

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

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 0.25% to 7,199 points.

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

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is down 12% to $5.68. Investors appear disappointed that the mineral exploration company's scoping study has been delayed. Chalice advised that a revised study completion timeline will be determined once the mineral resource is updated in late Q1 of 2023.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is down 3.5% to $20.38. Fortescue and other mining giants have come under pressure today after the iron ore price pulled back overnight. The spot iron ore price dropped almost 2% to US$110.25 a tonne. This has led to the S&P/ASX 200 Materials index falling 1.1% this afternoon.

Mincor Resources NL (ASX: MCR)

The Mincor share price is down 6% to $1.49. This morning the nickel explorer announced the successful completion of a $55 million institutional placement. These funds were raised at $1.39 per new share, which represents a 12.3% discount to its last close price. The proceeds will be used to accelerate underground development at the Northern Operations and accelerate underground exploration and drilling at its new Cassini Operation.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down almost 8% to 66 cents. This follows news that the buy now pay later provider has raised $13.6 million from institutional investors at a 13.2% discount of 62 cents per new share. Zip advised that the proceeds will be used to fund the conversion of some of its notes earlier than planned. In other news, management revealed that trading has been in line with expectations so far in FY 2023.

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 positions in and has recommended Zip Co. The Motley Fool Australia has no position in any of the stocks mentioned. 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 young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

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

Read more »

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

Why 29Metals, Brainchip, Platinum, and Premier Investments shares are falling today

These ASX shares are having a tough time on hump day.

Read more »

Man with his head in his head because of falling share price.
Share Fallers

Why 29Metals, Atlas Arteria, IDP Education, and Mineral Resources shares are falling

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

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 ALS, EOS, NRW, and Patriot Battery Metals are dropping today

These ASX shares are starting the week in the red.

Read more »

A man looking at his laptop and thinking.
Technology Shares

Why are these ASX tech shares getting smashed today?

Owners of these two stocks are missing out today.

Read more »

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

Why AGL, Brickworks, IGO, and New Hope shares are dropping today

These ASX shares are having a poor session. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Amcor, Arafura, Brainchip, and South32 shares are tumbling today

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

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 Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

These ASX shares are having a poor session. But why?

Read more »