In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is edging ever so slightly higher. At the time of writing, the benchmark index is up 3.5 points to 7,501.1 points.
Four ASX shares that are acting as a drag on proceedings today are listed below. Here's why they are falling:
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Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down over 6% to a 52-week low of $1.20. This is despite there being no news out of the mineral exploration company. Though, it is worth noting that its shares have been in free fall recently. So much so, they are now down by 33% since this time last month.
Nuix Ltd (ASX: NXL)
The Nuix share price is down a further 7% to $1.70. Investors have been selling this tech company's shares since the release of a trading update last week. It seems that some investors were expecting stronger growth from the investigative analytics and intelligence software provider during the first half of FY 2024.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down over 2% to $3.66. This morning, analysts at Goldman Sachs downgraded this lithium miner's shares to a sell rating with a $3.20 price target. It said: "We see PLS as relatively expensive on fundamentals, and downgrade to Sell." This news appears to have offset the announcement of a new agreement with Ganfeng Lithium in China. Pilbara Minerals will almost double its supply of lithium spodumene to Ganfeng to up to 310,000 tonnes a year for the next three years.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 2% to 5.4 cents. This appears to have been driven by broad weakness in the lithium industry today. Investors continue to be concerned with falling lithium prices and what impact this could have on Sayona Mining's operations and balance sheet in the coming months.
