Why Atlantic Lithium, Beach Energy, Pantoro, and Suncorp shares are falling

These ASX shares are having a tough time on Wednesday.

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The S&P/ASX 200 Index (ASX: XJO) is having a mildly positive session. In afternoon trade, the benchmark index is up 0.1% to 7,318.7 points.

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

Atlantic Lithium Ltd (ASX: A11)

The Atlantic Lithium share price is down a further 13.5% to 35.5 cents. Investors have been selling this lithium explorer's shares this week after it confirmed that the Ghanaian government is looking to introduce a new Green Minerals Policy. This could include changes to the mining royalty rate and the state's carried interest in minerals projects. Atlantic Lithium's flagship project is the Ewoyaa Project in Ghana.

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down 2.5% to $1.62. This follows news that the energy producer's CEO, Morné Engelbrecht, is stepping down from the role with immediate effect. The good news is that the company has appointed a replacement, Brett Woods, who will commence in the role in February. Until then, executive director Bruce Clement has been appointed interim CEO.

Pantoro Ltd (ASX: PNR)

The Pantoro share price is down 20% to 5.6 cents. This morning, this gold miner announced firm commitments for a $30 million institutional placement. These funds will be raised at 6 cents per new share. Proceeds will be applied to support working capital requirements for the Norseman Project, pay higher than expected merger transaction costs, as well as for exploration and offer costs.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is down almost 2% to $13.49. Investors have been selling the insurance giant's shares following the release of its full-year results. That's despite the company's cash earnings increasing 85% to $1.25 billion. However, its underlying margin fell a touch short of expectations. Goldman Sachs commented: "Underlying margins: The result was 11.7% over 2H23 vs. GSe at 12% and consensus of 11.8%."

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 positions in and has recommended Goldman Sachs Group. 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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