In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. At the time of writing, the benchmark index is up 1.4% to 7,694.6 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
AGL Energy Limited (ASX: AGL)
The AGL share price is down 3.5% to $8.23. This appears to have been driven by a broker note out of Macquarie today. Its analysts have downgraded the energy giant's shares to a neutral rating with a reduced price target of $9.30. The broker believes that AGL's earnings will fall through to FY 2026 unless electricity prices return to long-term averages. In addition, it notes that the anticipated surge in summer usage is not emerging.
Arcadium Lithium (ASX: LTM)
The Arcadium Lithium share price is down 3.5% to $7.26. This follows a poor night of trade for the lithium miner's shares on Wall Street on Thursday. This latest gain means that the company's shares have lost a third of their value since the start of 2024.
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 7.5% to a new 52-week low of 94.2 cents. This morning the mineral exploration company announced that its non-executive director, Morgan Ball, has announced his intention to resign. Mr Ball is Chalice's longest serving non-executive director. He is resigning from the company to dedicate more time to his other roles.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is down 2.5% to 76.2 cents. This has been driven by the nickel producer's shares going ex-dividend for its unfranked final dividend of 2.5 cents per share. This will be paid to eligible shareholders later this month on 19 February.