Why Austal, Beach Energy, Perseus, and Platinum shares are falling today

These shares are having a tough time on hump day. But why?

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is pushing higher. In afternoon trade, the benchmark index is up 0.2% to 8,606.5 points.

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

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

Austal Ltd (ASX: ASB)

The Austal share price is down 2.5% to $6.03. This may have been driven by profit taking from some investors following a strong gain on Tuesday. Investors were buying the shipbuilder's shares for a couple of reasons. One was news that it will be added to the benchmark ASX 200 index at June's quarterly rebalance. The other was Austal revealing that South Korean shipbuilder and substantial shareholder, Hanwha Group, has received approval from the Committee on Foreign Investment in the United States (CFIUS) to increase its shareholding in Austal by up to 100%. Hanwha currently holds a 9.9% stake in the company and a further 9.9% economic interest through a cash settled total return swap. It is now seeking approval from Australian regulators to boost its equity position in Austal to 19.9%.

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down over 6% to $1.25. Investors have been selling this energy producer's shares after it was the subject of a broker note out of UBS. According to the note, the broker has downgraded Beach Energy's shares to a neutral rating with a trimmed price target of $1.35. UBS made the move due to weaker domestic gas price forecasts and limited near-term catalysts.

Perseus Mining Ltd (ASX: PRU)

The Perseus Mining share price is down 6% to $3.62. This follows the release of the gold miner's five-year outlook this morning. Perseus revealed that it expects to produce a total of between 2.6 million and 2.7 million ounces of gold over the next five financial years. This equates to an average of 515,000 to 535,000 ounces annually. However, its production is expected to dip in FY 2026 and FY 2027 before rebounding. In addition, management advised that it expects an all-in sustaining cost that is higher than what it has recorded in FY 2025.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum Asset Management share price is down a further 1.5% to 51.7 cents. Investors have been selling this fund manager's shares this week following the release of its funds under administration (FUM) update for the month of May. Platinum reported FUM of $8,339 million at the end of the period. This was down a sizeable 13.5% from the end of April.

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 Austal. 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.

More on Share Fallers

A worried woman sits at her computer with her hands clutched at the bottom of her face.
Share Fallers

These 3 ASX 200 shares have hit fresh multi-year lows: Buy, sell or hold?

One of these stocks has crashed over 50% over the past year alone.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Brazilian Rare Earths, L1 Group, Silver Mines, and Xero shares are dropping today

These shares are having a poor session on Thursday. But why?

Read more »

A woman looks nervous and uncertain holding a hand to her chin while looking at a paper cut out of a plane that she's holding in her other hand.
Travel Shares

Qantas stock is down 17.7% in a month. Time to buy?

Qantas is back to April prices.

Read more »

A young man clasps his hand to his head with a pained expression on his face and a laptop in front of him.
Share Fallers

Why Amplitude Energy, Atlas Arteria, Computershare, and Woodside shares are falling today

These shares are falling on hump day. But why?

Read more »

A rueful woman tucks into a sweet pie as she contemplates a decision with regret.
Energy Shares

Why is this ASX 300 energy share crashing 42% on Wednesday?

Investors are pummelling the ASX energy share on Wednesday. But why?

Read more »

Three sky divers 'falling with style'.
Share Fallers

4 ASX All Ords shares at 52-week lows: Buy, hold, or sell?

Three of these stocks have more than halved in value over the past 12 months.

Read more »

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

Why DroneShield, Guzman Y Gomez, IAG, and Myer shares are falling today

These shares are out of form on Tuesday. But why?

Read more »

A man sees some good news on his phone and gives a little cheer.
Share Fallers

Why Beach Energy, Block, Life360, and Medibank shares are rising today

These shares are starting the positively and are avoiding the market weakness. But why?

Read more »