The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Wednesday. In afternoon trade, the benchmark index is up 0.3% to 7,258.8 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are dropping:
Image source: Getty Images
IGO Ltd (ASX: IGO)
The IGO share price is down almost 3% to $7.49. As well as ongoing weakness in the lithium industry, this battery materials miner released an announcement this morning. It revealed that its review of the Cosmos Project hasn't delivered good results. As a result, IGO advised that it is likely to record a further impairment against the Cosmos assets with its half-year results.
Newmont Corporation (ASX: NEM)
The Newmont share price is down almost 3% to $57.48. Investors have been selling gold miners after the release of US inflation data. Although the inflation report was in line with expectations, it needed to come in lower to support interest rate cut bets.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 5% to $3.59. This is despite there being no news out of the semiconductor company. However, it is worth noting that short sellers have been loading up on its shares recently. This has led to its short interest hitting 8.2% this week. Short sellers don't appear to believe that Weebit Nano is going to generate meaningful revenue in the near future.
Winsome Resources Ltd (ASX: WR1)
The Winsome Resources share price is down a further 11% to 86.5 cents. Investors have been hitting the sell button this week despite the release of the maiden inferred mineral resource estimate (MRE) for the Adina Lithium Project in Canada. Either investors were disappointed with the MRE or were buying the rumour and selling the news.
