The S&P/ASX 200 Index (ASX: XJO) has started the week in a positive fashion. In afternoon trade, the benchmark index is up 0.55% to 7,291.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
DGL Group Ltd (ASX: DGL)
The DGL share price has continued its slide and is down a further 7% to 77.5 cents. This diversified industrial company's shares have now lost a third of their value since it downgraded its earnings guidance for FY 2023. Cost pressures means DGL now expects EBITDA of $64 million to $66 million in FY 2023. This compares to its previous guidance of $71.5 million to $73.5 million.
Iluka Resources Limited (ASX: ILU)
The Iluka Resources share price is down almost 4% to $11.51. This appears to have been driven by a broker note out of UBS. Its analysts have downgraded the mineral sands company's shares to a sell rating with a reduced price target of $10.90. Its analysts suspect that mineral sands prices could weaken in the near term and weigh on its earnings.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 17% to 39.5 cents. Investors have been hitting the sell button after the lithium developer released an update on its production plans. Instead of delivering 50,000tpa of lithium carbonate production by 2024, it now expects 25,000tpa by 2027. The company is also guiding to significantly higher costs than previously planned.
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is down 16% to 16 cents. This follows the release of the latest assay results from its ongoing drilling programs at NE Bankan, Bankan Creek, and nearby targets within the Bankan Gold Project in Guinea. Some investors may have been expecting stronger results.