The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. In afternoon trade, the benchmark index is up slightly to 8,849.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Liontown Resources Ltd (ASX: LTR)
The Liontown Resources share price is down 7.5% to 92.5 cents. This appears to have been driven by profit taking by some investors after the lithium miner's shares rocketed on Monday. And with Liontown raising $316 million at a discount of 73 cents per new share that same day, it certainly would have been a very quick and profitable trade for some investors.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is down 3% to $37.04. This morning, UBS downgraded the mining and mining services company's shares to a sell rating with an improved price target of $37.40. It made the move on valuation grounds following recent share price strength. Despite today's weakness, Mineral Resources shares are still up by approximately 33% since this time last month.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down almost 2% to $17.43. Investors have been selling ASX gold stocks on Tuesday after the gold price pulled back overnight. Traders sold down the precious metal after US President Donald Trump said that he would not be putting tariffs on gold. The S&P/ASX All Ordinaries Gold index is down 0.75% at the time of writing.
SGH Ltd (ASX: SGH)
The SGH share price is down 9% to $47.19. This follows the release of the diversified investment company's full year results. SGH reported a 1% increase in revenue to $10.7 billion and a 9% lift in net profit after tax to $924 million. Looking ahead, management is guiding to "low to mid single-digit EBIT growth." The company's CEO, Ryan Stokes, said: "We are pleased with the result delivered in FY25, which demonstrates the strength of our diversified Industrial Services businesses and the disciplined execution of the SGH Way operating model. Our EBIT growth of 8% was primarily driven by Boral and Westrac and was in line with our guidance, highlighting our ability to deliver growth in variable market conditions."
