In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record the smallest of gains. At the time of writing, the benchmark index is up slightly to 7,197.3 points.
Four ASX shares that are acting as a drag on proceedings are listed below. Here's why they are falling:
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is down almost 3% to $1.88. This follows a pullback in the gold price on Friday. In addition, this gold miner's shares have just been downgraded by analysts at Macquarie. The broker has downgraded them to neutral with a $2 price target.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 5% to 5.8 cents. This may have been driven by profit-taking from some day traders after a strong gain on Friday. This lithium miner's shares are now down almost 75% over the last 12 months. And as we covered here, short sellers appear to see more declines ahead for Sayona Mining's shares.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down almost 8% to 48 cents. Investors may be hitting the sell button in response to a disappointing update from one of its rivals on Friday. Today's decline has taken the casino operator's shares to a 52-week low. It means they are now down almost 80% over the last 12 months.
WA1 Resources Ltd (ASX: WA1)
The WA1 Resources share price is down 12% to $8.11. This follows the release of the mineral exploration company's drilling update this morning. Assays from the central zone demonstrate continuity of the shallow high-grade blanket of niobium mineralisation between the western and eastern zones at its Luni carbonatite. However, it seems that some investors were expecting stronger results.
