Why Core Lithium, Karoon, Mineral Resources, and Pexa shares are falling today

These ASX shares are having a tough time on Thursday.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form on Thursday. At the time of writing, the benchmark index is up 0.6% to 6,933.5 points.

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

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 6% to 37 cents. A number of ASX lithium shares are under pressure today amid concerns over the price of the battery-making ingredient. Citi, for example, is warning that lithium prices could fall a further 20% in the near term.

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is down 1.5% to $2.51. Investors have been selling Karoon and other ASX energy shares today after oil prices fell sharply overnight. Traders sold oil prices down by 5% following the release of US gasoline data. That data revealed that demand has fallen materially following a spike in prices.

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is down 2.5% to $61.85. As well as concerns about lithium prices, Mineral Resources shares could be falling because of a bearish broker note. According to a note out of UBS, its analysts have retained their sell rating on its shares with a trimmed price target of $60.00.

Pexa Group Ltd (ASX: PXA)

The Pexa share price is down 1% to $10.99. This follows news that the online property exchange platform and property insights solutions company is making a major acquisition. Pexa plans to acquire UK-based conveyancing technology provider, Smoove, for A$58.6 million. Investors don't appear overly keen on the plan judging by the reaction.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 PEXA Group. The Motley Fool Australia has no position in any of the stocks mentioned. 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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