Why 29Metals, Allkem, Alliance, and Rio Tinto shares are falling today

These ASX shares are having a rough ride on Thursday. Here's why.

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The S&P/ASX 200 Index (ASX: XJO) has founds its legs this afternoon after a shaky morning. At the time of writing, the benchmark index is up 0.15% to 7,375.6 points.

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

29Metals Ltd (ASX: 29M)

The 29Metals share price is down over 12% to $1.18. This follows another disappointing update on the miner's Capricorn Copper operation which was recently hit with extreme weather. According to the release, management expects the operation to be back up and running completely by the middle of the first half of 2024. That's almost a year from now.

Allkem Ltd (ASX: AKE)

The Allkem share price is down 4.5% to $11.72. Investors have been selling this lithium miner's shares following the release of its quarterly update. Although the company delivered a solid update and pricing ahead of expectations, this wasn't enough to satisfy some investors. Tesla's softer than expected quarterly result could have taken some of the shine of Allkem's update.

Alliance Aviation Services Ltd (ASX: AQZ)

The Alliance share price is down 8% to $3.23. This follows news that the ACCC has blocked Qantas Airways Limited (ASX: QAN) from completing its acquisition of the airline services company. Alliance revealed that it will closely consider the ACCC's decision and its options before deciding on its next steps.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down 2.5% to $120.20. This was despite the release of the mining giant's first-quarter update this morning. Rio Tinto's Pilbara iron ore business produced 79.3 million tonnes and shipped 82.5 million tonnes during the three months, which were jumps of 11% and 16%, respectively.

Motley Fool contributor James Mickleboro has positions in Allkem. 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 recommended Alliance Aviation Services. 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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