In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is charging higher. At the time of writing, the benchmark index is up 0.8% to 7,760.8 points.
Four ASX shares that are failing to follow the market higher today are listed below. Here's why they are falling:
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down 9% to $30.86. Investors have been hitting the sell button today after the fashion jewellery retailer announced the exit of its highly regarded CEO, Victor Herrero. He will leave in approximately 12 months after four years at the helm. Given how instrumental Herrero has been in guiding Lovisa's international expansion, the market appears concerned about what might happen when he steps down from the role and hands the reins over to someone new. A replacement has been announced.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down 4% to $28.82. This decline also relates to Victor Herrero's exit from Lovisa. That's because his replacement will be John Cheston, who is the CEO of the Premier Investments-owned Smiggle business. Much like Herrero, Cheston has overseen a very successful international expansion of the retailer. And with Premier Investments recently announcing the potential divestment of Smiggle into a separate listing, the loss of its CEO at this time will be a blow. Cheston will join Lovisa on 4 June 2025.
Silver Lake Resources Ltd (ASX: SLR)
The Silver Lake Resources share price is down 3.5% to $1.48. Investors have been selling Silver Lake and other gold miners on Monday following a pullback in the gold price on Friday. This has led to the S&P/ASX All Ords Gold index underperforming and dropping 0.6% today. Shareholders won't be too disheartened, though. Silver Lake shares remain up 29% over the last six months despite falling 9% over the last couple of weeks.
WA1 Resources Ltd (ASX: WA1)
The WA1 Resources share price is down 7% to $19.73. This follows the release of further assays from broad-spaced reverse circulation and diamond drilling at the West Arunta niobium project in Western Australia. Management notes that the drilling has provided additional definition of the high-grade blanket of niobium mineralisation at the Luni deposit ahead of the initial Mineral Resource estimate. Judging by the share price reaction on Monday, it seems that some investors were expecting stronger results from the mineral exploration company's drilling.
