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 7,065.6 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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Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down 4% to $1.52. Investors have been selling Beach and other energy shares today after oil prices sank again overnight. Traders were selling down oil amid global economic growth concerns. The S&P/ASX 200 Energy index is down 2.1% this afternoon.
Blackmores Ltd (ASX: BKL)
The Blackmores share price is down 1.5% to $73.38. This is despite there being no news out of the health supplements company. However, it is worth noting that Citi recently warned about the company's prospects in FY 2023. It feels that price increases and the cost of living crisis could hit demand for its offering. Citi has a sell rating and $58.85 price target on its shares.
Costa Group Holdings Ltd (ASX: CGC)
The Costa Group share price is down 2% to $2.74. A number of agricultural shares are under pressure on Thursday. This may have been driven by some large investors rotating out of the sector into other areas of the market.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 1% to $3.60. This may have been driven by profit taking after some strong gains in recent sessions. Investors have been buying this semiconductor company's shares after it provided a positive update on its demo chip.
