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.

| More on:
a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

More on Share Fallers

Person with thumbs down and a red sad face poster covering the face.
Share Fallers

Why Core Lithium, Harvey Norman, TechnologyOne, and Tyro shares are dropping

These ASX shares are ending the week in the red.

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Cettire, Lake Resources, Origin Energy, and Wildcat shares are sinking

These ASX shares are under pressure today. But why are investors hitting the sell button?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Core Lithium, Deep Yellow, EML, and Wildcat shares are falling today

These ASX shares are having a tough time on Wednesday. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Select Harvests, Sayona Mining, Weebit Nano, and Woodside shares are dropping

These ASX shares are having a tough session on Tuesday.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why BHP, Core Lithium, IGO, and Smartpay shares are dropping today

These ASX shares are having a tough start to the week.

Read more »

A male investor erupts into a tantrum and holds his laptop above his head as though he is ready to smash it, as paper flies around him, as he expresses annoyance over so many new 52-week lows in the ASX 200 today
Share Fallers

Why Bubs, Select Harvests, Temple & Webster, and WiseTech shares are falling today

These ASX shares are having a tough time on Friday. But why?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Appen, Bowen Coking Coal, Nick Scali, and Northern Star shares are falling

These ASX shares are having a disappointing session. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Brainchip, Healius, Latin Resources, and Praemium shares are sinking today

These ASX shares are having a tough time on hump day.

Read more »