The S&P/ASX 200 Index (ASX: XJO) is on form again on Thursday and is charging higher. At the time of writing, the benchmark index is up 1.5% to 7,244.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Everest Metals Corporation Ltd (ASX: EMC)
The Everest Metals share price is down a massive 32% to 23 cents. Investors have been hitting the sell button amid disappointing results in the company's search for lithium. While Everest Metals uncovered high-grade rubidium, this isn't what the market was betting on.
Global Lithium Resources Ltd (ASX: GL1)
The Global Lithium share price is down 5% to $1.65. This morning, Global Lithium revealed that it has found a bedrock (hard rock) rare earth elements (REE) hosting mineralised system adjacent to the Manna Lithium Project. It will be named the Cardunia Rocks REE Project. Investors appear concerned that this could be a distraction.
GreenX Metals Ltd (ASX: GRX)
The GreenX share price is down 15% to 84.5 cents. This follows news that the Greenland-based copper and gold exploration company has raised $4.2 million at a discount of 80 cents per share. The proceeds will be used to ensure that GreenX retains a strong balance sheet position.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price is down 2.5% to $15.05. This is despite there being no news out of the insurance giant on Thursday. The decline could be due to US inflation coming in softer than expected, which has sparked hopes that interest rates won't have to rise as much as feared. This could be seen as a negative for QBE, which benefits when bond yields rise.
