The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up slightly to 7,489.9 points.
Four ASX shares that have acted as a drag on the market today are listed below. Here's why they are falling:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down a further 20% to 18.5 cents. Investors have been selling off this lithium miner's shares since the release of a disappointing announcement on Friday. That announcement revealed that it plans to suspend production to conserve cash. This morning, Goldman Sachs commented: "We reiterate that deferring early works on BP33 development, and now suspending mining operations at Grants, increases the risk of a gap in production in FY25."
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 6% to $9.05. This may have been driven by a bearish broker note out of Citi this morning. According to the note, the broker has responded to the fund manager's funds under management update by downgrading its shares to a sell rating with an $8.10 price target.
Pantoro Ltd (ASX: PNR)
The Pantoro share price is down 5.5% to 5 cents. Investors have been selling this gold miner's shares after it released a quarterly update. Although the company reported another increase in gold production, it appears to have fallen short of expectations after it faced challenges in December.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 6.5% to 5.7 cents. This is despite there being no news out of the lithium miner today. However, investors may be hitting the sell button in response to Core Lithium's update. They may be fearing that Sayona Mining could potentially suspend its operations because of weak lithium prices.
