In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,323.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Berkeley Energia Ltd (ASX: BKY)
The Berkeley Energia share price is down 33% to 46 cents. This appears to be due to concerns over the Spanish general election. The uranium developer's shares have been rallying strongly recently amid hopes that a new uranium-friendly government would get into power. But the results are now too close to call. Berkeley Energia has been having permitting issues in the country.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price has sunk 14% to 74.7 cents. Investors have been hitting the sell button after this lithium miner's guidance for FY 2024 and FY 2025 disappointed. In respect to the former, Core Lithium expects spodumene production of 80,000 to 90,000 tonnes. This is lower than study estimates due mainly to lower recoveries, mine plan adjustments, and mining rates. Production is then expected to fall in FY 2025.
Ioneer Ltd (ASX: INR)
The Ioneer share price is down 6% to 31 cents. This morning, this lithium-boron developer released its quarterly update. However, the decline in its share price appears to be due largely to broad weakness in the lithium industry today. This has seen most lithium shares drop deep into the red this afternoon.
South32 Ltd (ASX: S32)
The South32 share price is down almost 2.5% to $3.73. Although this mining giant reported that it had a strong fourth quarter in FY 2023, investors have been overlooking this due to a big piece of news. That news is that South32 plans to make a US$1.3 billion impairment on the Hermosa project. This reflects delays from the impact of COVID-19, significant dewatering requirements, and current inflationary market conditions.
