In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.1% to 7,441.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Alumina Limited (ASX: AWC)
The Alumina share price is down 3% to $1.54. This appears to have been driven by a broker note out of Citi. According to the note, its analysts have downgraded the alumina producer's shares to a sell rating and cut the price target on them to $1.50. This follows a disappointing quarterly update and the broker's belief that alumina prices will be near breakeven levels, making it unlikely to pay a dividend.
Block Inc (ASX: SQ2)
The Block share price is down 2.5% to $102.22. This follows a poor night of trade for the payments company's US listed shares. They fell on the NYSE overnight amid weakness in the tech sector. Investors appear concerned by comments from economists that China's reopening could have an inflationary impact.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down almost 13% to $1.31. Investors have been selling this lithium developer's shares after it revised higher its capital costs estimate for the Kathleen Valley lithium project. The costs are now expected to be greater than its cash balance and debt facilities, which has sparked fears that a capital raising could be coming.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down 5.5% to $4.84. This may have been driven by a broker note out of Morgans. This morning, the broker downgraded the infection prevention company's shares to a hold rating with a $5.19 price target. The broker made the move on valuation grounds.
