Why Coles, Liontown, Lovisa, and Wildcat shares are dropping today

These ASX shares are having a difficult session. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has recovered from a poor start and is in positive territory. At the time of writing, the benchmark index is up 0.1% to 7,741 points.

Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are falling:

Coles Group Ltd (ASX: COL)

The Coles share price is down 3.5% to $16.43. This has been driven by the supermarket giant's shares going ex-dividend on Tuesday. Eligible shareholders can now look forward to receiving Coles' fully franked interim dividend of 36 cents per share later this month. It is scheduled to be paid on 27 March.

Liontown Resources Ltd (ASX: LTR)

The Liontown share price is down 4% to $1.27. This is despite there being no news out of the lithium developer today. However, it is worth noting that most lithium shares are falling on Tuesday. This could be due to profit taking after some strong gains or concerns over an update from Tesla Inc. (NASDAQ: TSLA), which revealed a slump in car shipments.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is down 4% to $30.32. Like Coles, this has been driven by its shares going ex-dividend this morning. Eligible shareholders will be paid the fashion jewellery retailer's 50 cents per share interim dividend next month on 18 April. In addition, with its shares generating big returns recently, it's possible that some profit taking is taking place now the dividend rights are settled.

Wildcat Resources Ltd (ASX: WC8)

The Wildcat share price is down over 12% to 68 cents. This follows the release of drilling results from the lithium explorer's Tabba Tabba project. Investors appear to be a touch disappointed with the low grade results.

Motley Fool contributor James Mickleboro has positions in Lovisa. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa and Tesla. The Motley Fool Australia has positions in and has recommended Coles Group. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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