In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in a positive fashion. At the time of writing, the benchmark index is up 0.55% to 8,025.6 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
Image source: Getty Images
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price is down a further 2% to 90.2 cents. Investors have been selling this coal miner's shares this week after it downgraded its guidance for FY 2024. Management was forced to downgrade its production and cost guidance due to the negative impacts of mechanical repairs to the overland conveyor and subsequent rainfall levels at the Curragh Complex. It revealed that rainfall levels were more than three times the 10-year monthly average for the area. Saleable production is now expected to be 15.4MMt to 16MMt for FY 2024. Whereas its average mining cost per tonne sold is now forecast to be $105 to $110. This compares to its previous guidance of 16.4MMt to 17.2MMt at $95 to $99 per tonne.
Healius Ltd (ASX: HLS)
The Healius share price is down 4.5% to $1.62. This may have been driven by a broker note out of Ord Minnett on Friday. According to the note, the broker has reaffirmed its sell rating and $1.37 price target on the healthcare company's shares. Ord Minnett feels that its shares are severely overvalued after rising strongly since the start of May. The broker believes this is unjustified given the poor performance of its pathology business.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price is down almost 4% to $8.52. The catalyst for this has been the fleet management and salary packaging company's shares going ex-dividend this morning for its interim dividend of FY 2024. Last month, the company released its half year results and declared a fully franked interim dividend of 17.5 cents per share. Eligible shareholders can now look forward to receiving this dividend later this month on 23 September.
Wildcat Resources Ltd (ASX: WC8)
The Wildcat Resources share price is down 11% to 20 cents. Investors have been selling Wildcat and other ASX lithium stocks today amid concerns over falling battery materials prices. Things have become so bad that Arcadium Lithium (ASX: LTM) is reportedly mothballing its Mt Cattlin operation in Western Australia. This may have sparked fears that Wildcat Resources' Tabba Tabba Lithium Project near Port Hedland could struggle to get off the ground if things don't improve.
