Why Argosy Minerals, Block, Meridian Energy, and Supply Networks shares are falling

Not all shares are rising on Friday. Here's why these are ending the week in the red.

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very positive note. In afternoon trade, the benchmark index is up an impressive 1.75% to 7,311.5 points.

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

Argosy Minerals Limited (ASX: AGY)

The Argosy Minerals share price is down 2.5% to 18.5 cents. This morning, this lithium developer's shares hit a new 52-week low despite many of its peers shooting higher. The market doesn't appear overly optimistic over the company's Rincon Lithium project in Argentina.

Block Inc (ASX: SQ2)

The Block share price is down 1% to $84.12. This follows a decline in the payments company's shares on Wall Street overnight. Block's shares on both exchanges are now trading close to 52-week lows. They are also both down approximately 20% over the last 12 months.

Meridian Energy Ltd (ASX: MEZ)

The Meridian Energy share price is down 1.5% to $4.84. This morning, this energy company released its monthly operating report and revealed that national electricity demand in August was 4.5% higher than the same period last year. So why the decline? Well, it's probably reduced demand for safe-haven assets like utilities after investor sentiment improved greatly.

Supply Network Ltd (ASX: SNL)

The Supply Network share price is down 1% to $15.04. This has been driven by the after-market vehicle parts company's shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving Supply Network's 28 cents per share fully franked final dividend at the start of next month on 3 October. Excluding this dividend, the company's shares would actually be climbing with the market today.

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 Block and Supply Network. The Motley Fool Australia has positions in and has recommended Block. The Motley Fool Australia has recommended Supply Network. 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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