Why Accent, Northern Star, Syrah, and Weebit Nano shares are falling

What's going on with these shares on Monday?

| More on:
Rede arrow on a stock market chart going down.

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) has started the week relatively positively. In afternoon trade, the benchmark index is up 0.15% to 7,060.9 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is down 7% to $1.80. This morning, analysts at Citi downgraded this footwear retailer's shares to a neutral rating and cut the price target on them to $1.93. This follows the release of a trading update at its annual general meeting which revealed that costs have been higher than expected.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down 2% to $11.53. Investors have been selling Northern Star and other gold miners on Monday following a decline in the gold price on Friday. This has led to the S&P/ASX All Ordinaries Gold index falling 1.3% this afternoon.

Syrah Resources Ltd (ASX: SYR)

The Syrah share price is down 6.5% to 68.7 cents. This decline comes despite there being no news out of the graphite producer. Though, it is worth noting that the company is one of the most shorted shares on the ASX. Today's weakness could be a sign that short sellers are continuing to load up on Syrah shares.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down 3.5% to $3.78. Investors have been selling this memory technology company's shares despite the release of some good news. Its technology realisation partner has fully qualified Weebit Nano's ReRAM IP module in its 130nm CMOS (S130) process at temperatures of up to 125 degrees Celsius. This is the temperature specified for Grade-1 automotive applications. In other news, the company cancelled an investor briefing today due to its CEO having visa issues.

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Guzman y Gomez, KMD, Mineral Resources, and Pilbara Minerals shares are sinking

These shares are ending the week in the red. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why James Hardie, Mader Group, MMA Offshore, and WA1 shares are dropping today

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

Read more »

Red arrow going down and symbolising a falling share price.
Share Fallers

Why Beach Energy, Core Lithium, Helia, and Red 5 shares are dropping today

These 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 Beach Energy, Fortescue, Kina Securities, and Melbana Energy shares are dropping today

These shares are missing out on the good times today. But why?

Read more »

A man sitting at a computer is blown away by what he's seeing on the screen, hair and tie whooshing back as he screams argh in panic.
Share Fallers

Why did this ASX All Ords stock just crash 45%?

Investors are sending the ASX All Ords stock tumbling today. But why?

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 Bapcor, Chalice Mining, Integral Diagnostics, and Winsome Resources shares are dropping

These shares are having a tough session on Monday. But why?

Read more »

a business man in a suit holds his hand over his eyes as he bows his head in a defeated post suggesting regret and remorse.
Share Fallers

Why Core Lithium, Deterra Royalties, Northern Star, and Opthea shares are dropping

These shares are ending the week deep in the red. But why?

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why ASX, Brazilian Rare Earths, Liontown, and Sigma shares are sinking today

These shares are under pressure on Thursday. But why?

Read more »