The S&P/ASX 200 Index (ASX: XJO) is having a positive start to the week. At the time of writing, the benchmark index is up 0.4% to 8,180.6 points.
Four ASX shares that are failing to follow the market higher today are listed below. Here's why they are falling:
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down 5% to $1.43. This is despite there being no news out of the uranium miner. However, it was mentioned in a broker note out of Jefferies this morning, which could be impacting its share price. According to the note, the broker has downgraded Deep Yellow's shares to an underperform rating (from hold) and cut its price target on them to $1.10 (from $1.20). Unfortunately for shareholders, this implies further potential downside of 23% over the next 12 months from where its shares are currently trading.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is down 2.5% to $4.50. This also seems to have been driven by a broker note out of Jefferies today. According to the note, the broker has downgraded the gold miner's shares to a hold rating (from buy) but has lifted its price target by 6.4% to $5.00 (from $4.70). In addition, broad weakness in the gold sector could be weighing on the miner's shares today. For example, the S&P/ASX All Ordinaries Gold index is down 2.1% at the time of writing.
GQG Partners Inc (ASX: GQG)
The GQG Partners share price is down almost 2.5% to $2.52. This follows the release of the fund manager's latest funds under administration (FUA) update this morning. According to the release, GQG Partners' total FUA increased 0.5% month on month to US$161.6 billion during September. This reflects net flows of US$2.2 billion, which was partially offset by a weaker investment performance. This means that for the quarter, GQG Partners recorded net inflows of US$6.2 billion.
West African Resources Ltd (ASX: WAF)
The West African Resources share price is down over 25% to $1.24. Investors have been hitting the sell button in a panic today amid concerns over events in Burkino Faso. According to Reuters, the country's government plans to withdraw mining permits from some foreign companies and will seek to produce more of its own gold. Its junta leader said: "We know how to mine our gold and I don't understand why we're going to let multinationals come and mine it." However, West African Resources has responded to the news this morning. It said that it "is not aware of any plans by the government of Burkina Faso to withdraw any of its mining permits."
