In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing, the benchmark index is up 0.75% to 7,338.9 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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Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price is down 2.5% to $22.22. Investors have been selling Fortescue and other mining shares today amid concerns that demand for iron ore from China may not be as strong as hoped. This follows the release of China's GDP target for 2023. It is targeting 5% growth with less of a focus on the infrastructure and property sectors.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is down over 5% to $7.38. This rare earths producer's shares have come under pressure recently after Tesla announced plans to shift away from using rare earths in its cars in the near future.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is down 4% to 86 cents. This is despite there being no news out of the department store operator today. However, it is worth noting that Myer is scheduled to release its half-year results later this week. And with its shares up over 100% since this time last year, some investors may be taking a bit of profit off the table.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down 4.5% to $5.51. This appears to have been driven partly by the release of a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the coal miner's shares to hold rating with a $6.50 price target. It made the move on valuation grounds.
