Why Bellevue Gold, Platinum, REA, and Strickland shares are tumbling today

These shares are starting the week in the red. But why?

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The S&P/ASX 200 Index (ASX: XJO) is having a subdued start to the week. In afternoon trade, the benchmark index is down 0.15% to 8,080.1 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.

Image source: Getty Images

Bellevue Gold Ltd (ASX: BGL)

The Bellevue Gold share price is down almost 7% to $1.18. This follows the release of the gold miner's full year results this morning. Bellevue Gold reported a maiden net profit after tax of $75 million. While Goldman Sachs was forecasting a profit of $73 million, it seems that some investors were expecting more. Bellevue Gold's guidance for production of 165,000 ounces to 180,000 ounces with an all-in sustaining cost (ASIC) of A$1,750 to A$1,850 per ounce was also in line with Goldman's estimate. It is expecting 170,000 ounces at A$1,807 per ounce in FY 2025.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum Asset Management share price is down 3.5% to 96 cents. This appears to have been driven by the release of a bearish broker note out of UBS this morning. According to the note, the broker has downgraded the fund manager's shares to a sell rating with a trimmed price target of 91 cents. The broker has been disappointed with the company's financial and investment performance.

REA Group Ltd (ASX: REA)

The REA Group share price is down 7.5% to $202.53. Investors have been selling this property listings company's shares after it revealed that it could make an offer to acquire UK peer Rightmove (LSE: RMV). REA advised that it sees a transformational opportunity to apply its globally leading capabilities and expertise to enhance customer and consumer value across the combined portfolio and to create a global and diversified digital property company, with number one positions in Australia and the UK. Rightmove has a valuation of GBP4.4 billion ($8.5 billion). This means that a deal would likely be in the region of $11 billion+.

Strickland Metals Ltd (ASX: STK)

The Strickland Metals share price is down 15% to 9.8 cents. This follows the release of drilling results from the 100%-owned Horse Well Gold Camp in Western Australia. Management notes that Horse Well Gold Camp continues to emerge as a large-scale gold system consisting of a series of what are now believed to be a network of interconnected mineralised structures. Management commented: "It is exciting to see the interconnected nature of these ore-controlling structures, which is giving us confidence that potentially a very large gold deposit may be emerging at Horsewell." This could be a case of buy the rumour, sell the news.

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 positions in and has recommended REA Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Rightmove Plc. The Motley Fool Australia has recommended REA Group. 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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