Why ASX, Brazilian Rare Earths, Liontown, and Sigma shares are sinking today

These shares are under pressure on Thursday. But why?

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A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash

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The S&P/ASX 200 Index (ASX: XJO) is back on form on Thursday and pushing higher. In afternoon trade, the benchmark index is up 0.45% to 7,750.1 points.

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

ASX Ltd (ASX: ASX)

The ASX share price is down over 8% to $57.98. Investors have been hitting the sell button today after the stock exchange operator held its investor forum. At the event, the company provided the market with guidance for cost growth in FY 2025. It is expecting its total expense growth rate to be between 6% and 9% for the year. This is on top of its expected increase of 15% in FY 2024. Management advised that next year's expense growth rate is primarily being driven by ongoing technology related investment. This includes software licensing, equipment costs, and depreciation and amortisation.

Brazilian Rare Earths Ltd (ASX: BRE)

The Brazilian Rare Earths share price is down almost 11% to $3.26. This has been driven by the completion of the company's institutional placement this morning. Brazilian Rare Earths advised that it has received firm commitments for a placement of 24.24 million of new shares at a price of $3.30 per share. This will raise a total of A$80 million before costs. Proceeds from the placement will be used to accelerate exploration and development at the Monte Alto, Sulista and Pelé rare earth projects. This includes exploration drilling, feasibility studies, permitting, and for general working capital and corporate purposes.

Liontown Resources Ltd (ASX: LTR)

The Liontown Resources share price is down 4% to $1.09. This is despite there being no news out of the lithium developer today. However, it is worth noting that the majority of ASX lithium stocks are tumbling after a lacklustre night for their peers on Wall Street. Investors continue to sell down lithium shares on concerns over a forecast supply surplus.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price is down 6% to $1.13. This follows news that the ACCC has raised doubts over the company's proposed merger with Chemist Warehouse. The ACCC stated: "We have identified a range of preliminary competition concerns, including at the retail level and as a result of the proposed integration of the merged firm across the wholesale and retail level. We want to hear from interested parties, including rival pharmacies as we continue this review."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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