The S&P/ASX 200 Index (ASX: XJO) is rising on Thursday thanks largely to the resources sector. In afternoon trade, the benchmark index is up 0.1% to 8,775 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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ASX Ltd (ASX: ASX)
The ASX share price is down 1.5% to $58.85. This morning, analysts at Morgan Stanley retained their underweight rating and $54.05 price target on the stock exchange operator's shares. This implies potential downside of 8% from current levels. The broker believes there is risks to its cost growth, which it warns could weigh on its cash flow and put pressure on its dividends.
Charter Hall Group (ASX: CHC)
The Charter Hall share price is down 1% to $22.50. This also may have been driven by a bearish broker note. According to a note out of Macquarie, its analysts have reaffirmed its underperform rating on the property company's shares with an improved price target of $19.01. This suggests that downside of 15.5% is possible from current levels. The broker feels that its shares are overvalued and sees better opportunities for investors in the sector.
Invictus Energy Ltd (ASX: IVZ)
The Invictus Energy share price is down 25% to 16.75 cents. This appears to have been driven by the release of an announcement after the market close on Wednesday. That announcement revealed that the energy explorer has delayed the settlement of a placement. In August, the company announced a strategic partnership with Al Mansour Holdings, backed by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani, a senior member of the Qatar royal family. Al Mansour Holdings agreed to acquire a strategic 19.9% equity stake in Invictus at a premium to the prevailing market price. The proposed issue is now expected on 1 December, delaying the funding of the near-term Cabora Bassa works program.
Ramelius Resources Ltd (ASX: RMS)
The Ramelius Resources share price is down 2.5% to $3.63. A number of ASX gold shares are trading lower today after the price of the precious metal pulled back overnight. This has seen the S&P/ASX All Ords Gold index fall 1.1% this afternoon. However, it is worth noting that the index remains up by over 80% since the start of the year. This has been driven by the gold price hitting record high after record high.
