Why Future Generation, Pilbara Minerals, Platinum, and Whitehaven Coal shares are dropping

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

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The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday. In afternoon trade, the benchmark index is up 0.55% to 7,350.8 points.

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

Future Generation Investment Company Ltd (ASX: FGX)

The Future Generation share price is down 3.5% to $1.14. This has been driven largely by the investment company's shares trading ex-dividend this morning for its latest payout. Eligible shareholders can now look forward to receiving this 3.3 cents per share fully franked dividend later this month on 24 April.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 3.5% to $3.56. This follows broad weakness in the lithium industry on Wednesday. This may be due to concerns that the price of the battery making ingredient could continue to fall and put pressure on valuations.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down 3% to $1.71. Investors have been hitting the sell button after this fund manager released its latest funds under management (FUM) update. Platinum revealed that it experienced net outflows of approximately $223 million during March. In addition, the company warned that an institutional investor intends to pull out approximately US$141 million from the Platinum World Portfolio – Asia Fund this month.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is down 3% to $6.75. This morning, this coal miner was forced to downgrade its guidance for FY 2023 due to inclement weather and operational issues. Whitehaven Coal was previously guiding to managed run-of-mine (ROM) coal production of 19Mt to 20.4 Mt across its three key assets. However, it now expects full-year ROM production of 18Mt to 19.2Mt.

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 no position in any of the stocks mentioned. 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.

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