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

These ASX shares are having a tough session on Tuesday.

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

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

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.5% to 7,023.7 points.

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

Select Harvests Ltd (ASX: SHV)

The Select Harvests share price is down 13% to $3.20. This is despite there being no news out of the almond producer. However, it is worth noting that its shares were sold off last week after it released its FY 2023 results. The heavily shorted Select Harvests reported a disappointing loss of $114.7 million for the 12 months.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 3% to 6.7 cents. At one stage today, this lithium miner's shares hit a new 52-week low. Concerns over falling lithium prices and the potential need for another capital raising have been weighing on Sayona Mining's shares. They are now down by two-thirds over the last 12 months, much to the delight of short sellers.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down over 3% to $3.58. Investors have been selling this semiconductor company's shares recently amid concerns over its lofty valuation. It is also worth noting that short sellers have also been loading up on Weebit Nano shares. Over 8% of its shares are currently held short according to ASIC.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is down 1% to $31.38. This follows a pullback in oil prices overnight due to disputes within OPEC over production quotas. It isn't just Woodside shares that are falling today. In afternoon trade, the S&P/ASX 200 Energy index is down 0.65%.

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 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.

More on Share Fallers

gambling asx share price fall represented by woman in soccer had looking frustrated at tablet screen
Share Fallers

This ASX stock has halved in 6 months. It could be a bargain buy

Remember, what the share price did in the past has nothing to do with what it could do in the…

Read more »

A businesswoman ponders why her boat is sinking in the ocean.
Materials Shares

Down 7%: What's gone so wrong for Lake Resources shares today?

Lake Resources shares have been put out to dry today.

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 Baby Bunting, Humm, Liontown, and Star shares are sinking today

These ASX shares are having a rough time on Tuesday. But why?

Read more »

A young man in a blue suit sits on his desk cross-legged with his phone in his hand looking slightly crazed.
Share Fallers

Down 76% in a year, why is the Core Lithium share price getting smashed again today?

Core Lithium and rival ASX 200 lithium miners are deep in the red on Tuesday.

Read more »

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

3 ASX All Ords shares crashing as much as 24% on results

It’s a difficult day for shareholders of these stocks.

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Lendlease, New Hope, Nuix, and Orora shares are dropping today

These ASX shares are having a tough time on Monday. 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 Inghams, IAG, Neuren Pharmaceuticals, and Pro Medicus shares are sinking today

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

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why BHP, IDP Education, Pro Medicus, and Whitehaven Coal shares are dropping

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

Read more »