In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to start the week with a gain. At the time of writing, the benchmark index is up a fraction to 7,159.7 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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Leo Lithium Ltd (ASX: LLL)
The Leo Lithium share price is down 9% to 51 cents. This morning, the embattled lithium developer was forced to respond to questions from the Australian stock exchange operator following a sharp decline. While Leo Lithium appears to have answered them fairly well, it hasn't been enough to stop some investors from hitting the sell button. The company's shares are now down 59% since this time two months ago.
Megaport Ltd (ASX: MP1)
The Megaport share price is down 9% to $10.69. This appears to have been triggered by some insider selling. After the market close on Friday, the network services company revealed that its director, Michael Klayko, had sold all his 25,000 Megaport shares for a touch over $300,000. Six months ago, those same shares would have been worth just under $120,000.
Sims Ltd (ASX: SGM)
The Sims share price is down 10% to $13.86. This follows the release of a disappointing trading update from the scrap metal company. Management warned that trading conditions have remained difficult since its last update. As a result, it only expects its first-quarter earnings before interest and tax to be breakeven.
Tietto Minerals Ltd (ASX: TIE)
The Tietto Minerals share price is down 8% to 34 cents. Rather awkwardly, this morning this gold miner retracted two recent announcements. Tietto Minerals explained: "[The announcements] contain an updated seven-year production schedule based upon an updated 2023 resource model that has not been released to market and therefore the Company does not have a reasonable basis to make the statements contained therein." Not a great look for management.
