In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 8,586 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Block Inc (ASX: XYZ)
The Block Inc share price is down 5% to $98.52. This follows a similarly sized decline by the payments company's NYSE listed shares on Friday night. The catalyst for this appears to have been news that insiders have been selling shares. This includes the Cash App and Afterpay owner's chief financial officer, Amrita Ahuja.
Computershare Ltd (ASX: CPU)
The Computershare share price is down 3% to $39.66. This is likely to have been driven by a broker note out of Morgan Stanley today. According to the note, the broker has downgraded the stock transfer company's shares to an underweight rating with a $33.70 price target. Morgan Stanley believes that there is downside risk to its margin income. And given how important it is to Computershare's overall earnings, this could be bad news in the coming years.
South32 Ltd (ASX: S32)
The South32 share price is down 4.5% to $2.97. This morning, this mining giant warned that the outlook for its Mozal Aluminium operation in Mozambique is uncertain. Despite being in negotiations for six years to secure electricity supply to Mozal beyond March 2026, it has been "unable to agree an affordable electricity price tariff." South32 points out that this has "resulted in increased uncertainty regarding future electricity supply to Mozal." As a result, the company is assessing the carrying value of Mozal and its guidance for FY 2026.
Strickland Metals Ltd (ASX: STK)
The Strickland Metals share price is down 6.5% to 14.5 cents. This is despite the release of an announcement today relating to its exploration plans. According to the release, drilling has commenced at the Jezerska Reka Copper-Gold Porphyry target in Serbia. This is where two previous exploration drill-holes encountered extensive porphyry-related veining and alteration on the fringe of a large porphyry system. Strickland Metals' managing director, Paul L'Herpiniere, commented: "The team is excited to have kicked-off a new campaign of exploration targeting porphyry-hosted copper gold at Rogozna. Since the discovery of the large-scale Jezerska Reka porphyry system in 2023, we have been eager to unravel the prospective geology and make the kind of world-class discovery that Serbia is renowned for."
