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.