The S&P/ASX 200 Index (ASX: XJO) has continued its positive run on Tuesday. In afternoon trade, the benchmark index is up 0.5% to 7,515.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
IDP Education Ltd (ASX: IEL)
The IDP Education share price is down 8% to $20.27. Investors have been selling this language testing and student placement company's shares today after Canada announced plans to limit foreign student visas in response to housing shortages. Student numbers will be down by approximately a third in 2024, which could be a blow to IDP Education's operations in the country.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down almost 5% to $1.77. This has been driven by the release of a production update and the revision of its full year guidance. In respect to the latter, total production will be in a range of 11.2 million to 13.5 million barrels of oil equivalent (MMboe) in 2024. This compares to the previous range of 12 million to 14.5 MMboe. Operational issues at the Bauna Project are to blame.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down a further 2% to 92.2 cents. This lithium developer's shares have been sold off this week following the release of a disappointing update on the Kathleen Valley Lithium Project. Due to weak lithium prices, the company has commenced a review aiming to preserve capital and reduce the near-term funding requirements. In addition, a recently announced $760 million debt funding package has been terminated by lenders.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down almost 7% to 69 cents. This is likely to have been driven by profit taking from some investors after a very strong gain by the buy now pay later provider's shares on Monday. Investors were buying its shares yesterday in response to a strong trading update.
