The S&P/ASX 200 Index (ASX: XJO) is having a good start to the week. In afternoon trade, the benchmark index is up 0.5% to 7,312.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 8% to 19.75 cents. Investors have been selling this lithium developer's shares after it was dumped out of the ASX 200 index at the quarterly rebalance. The Lake Resources share price is now down a whopping 82% over the last 12 months. Concerns over the viability of its Kachi project are largely to blame.
Leo Lithium Ltd (ASX: LLL)
The Leo Lithium share price has crashed 50% to 56.5 cents. This morning, this lithium developer's shares returned from a lengthy suspension. Leo Lithium revealed a number of disappointing items such as the cancellation of its direct shipping ore plans, the possible loss of equity to the Mali government, and significant unforeseen tax charges.
Skycity Entertainment Group Ltd (ASX: SKC)
The Skycity share price is down 15% to $1.85. Investors have been hitting the sell button after the casino and resorts operator revealed that New Zealand's Department of Internal Affairs is looking to temporarily suspend its casino operator's licence for a period of ~10 days. A decision is not expected to be made for several months.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 4% to $1.38. This follows news that the payments company has commenced proceedings in the Supreme Court of New South Wales against Kounta Pty. It alleges that Kounta has breached its legal obligations to Tyro by offering a competing product to Tyro merchants. This is at a time that Kounta is Tyro's agent, as well as being an authorised representative under Tyro's Australian Financial Services Licence.
