The S&P/ASX 200 Index (ASX: XJO) has started 2024 positively. In afternoon trade, the benchmark index is up 0.25% to 7,610.3 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are falling:
Arcadium Lithium (ASX: LTM)
The Arcadium Lithium share price is down 2.5% to $10.93. This follows a poor finish to last week for US-listed lithium miners. This includes Livent Corp, which makes up part of Arcadium Lithium following its merger with Allkem Ltd (ASX: AKE).
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 2% to $5.54. Investors may be selling this insurance giant's shares due to concerns that recent inclement weather across Australia could cause a spike in claims and weigh on its margins in FY 2024.
PYC Therapeutics Ltd (ASX: PYC)
The PYC Therapeutics share price is down 4.5% to 10.5 cents. This is despite the clinical-stage biotechnology company releasing an announcement this morning. According to the release, the company plans to work with Google Cloud and other specialised partners to build custom designed machine learning models integrated with AlphaFold and its successors. These will be hosted on Google Cloud's Artificial Intelligence (AI) platform in order to create a new generation of precision medicines.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down almost 3% to 61.7 cents. This is despite there being no news out of the buy now pay later provider today. However, it is worth highlighting that Zip's shares were on fire in December. As a result, today's decline may have been driven by profit-taking from some investors. The Zip share price remains up almost 50% since the start of December.
