The S&P/ASX 200 Index (ASX: XJO) is battling hard to finish in positive territory on Wednesday. In afternoon trade, the benchmark index is up 0.1% to 8,550.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Image source: Getty Images
Block Inc (ASX: XYZ)
The Block Inc share price is down 2% to $97.28. This follows a similar decline by the payments company's NYSE listed shares overnight. This was driven largely by weakness on Wall Street as investors sought safe haven assets amid escalating tensions in the Middle East. Following today's decline the Afterpay and Square owner's shares have lost almost a third of their value since the start of the year.
Catalyst Metals Ltd (ASX: CYL)
The Catalyst Metals share price is down 8.5% to $5.78. This morning, this gold miner announced the results of infill drilling at the Trident Gold Project. It appears that investors were expecting stronger results than were announced. Catalyst's managing director and CEO, James Champion de Crespigny, commented: "These results are as expected. Their purpose was to grow the Reserve base. Hence, these holes are infill drilling inferred Resources with the intent of converting them to indicated. Further programs are underway to convert more inferred Resources to indicated while also attempting to expand the Resource base itself."
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price is down 7% to 13.5 cents. This morning, this coal miner revealed that it has now completed and executed definitive documentation for its Asset-Based Lending facility. This facility provides up to US$150 million in secured funding. However, it may not end there. The company said: "Notwithstanding the completion of this financing, the Company continues proactively to monitor its balance sheet and liquidity position in light of the challenging market backdrop for pricing of coal to ensure its continued adequacy."
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 5% to $1.28. Investors have been selling lithium miners today following a pullback by their Wall Street listed peers overnight. This weakness may be due to a combination of weak lithium prices and investors selling higher risk assets due to rising tensions in the Middle East. And there are few sides of the market that are as high risk as lithium miners in the current environment. Pilbara Minerals shares are now down 60% since this time last year.
