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.