The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is on course to record a strong gain. In afternoon trade, the benchmark index is up 1% to 7,123 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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Jervois Global Ltd (ASX: JRV)
The Jervois Global share price is down a further 12% to 5.9 cents. Investors have been selling this cobalt developer's shares this week after it suspended the construction of its cobalt operation in the United States. Management made the move in response to low cobalt prices and inflationary pressures. Jervois Global has already spent US$130 million on its construction. It will aim to resume work once cobalt prices recover.
Mincor Resources NL (ASX: MCR)
The Mincor share price is down 5% to $1.42. This has been driven by the release of an update on the nickel miner's guidance. Mincor has been having issues creating a blended product that meets the specifications of BHP Group Ltd (ASX: BHP). And with BHP unwilling to amend its off-take terms, management has been forced to withdraw its guidance. Mincor also advised that it will stockpile any ore that BHP indicates will not be accepted due to product specification requirements.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is down over 1% to $26.30. Investors have been selling Newcrest and other gold miners today after the gold price fell overnight. Traders were selling the safe haven asset after risk sentiment improved.
Santos Ltd (ASX: STO)
The Santos share price is down 1% to $6.92. Softer oil prices appear to have put pressure on Santos and other energy shares today. This was driven by a stronger US dollar and concerns over higher than expected supply from Russia. According to CNBC, Russian production fell by 300,000 barrels a day during the first three weeks of March. Whereas the market was expecting it to fall by 500,000 barrels.
