The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is pushing higher on Monday. In afternoon trade, the benchmark index is up 0.5% to 9,061.9 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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Lindian Resources Ltd (ASX: LIN)
The Lindian Resources share price is down 22% to 28.7 cents. This follows news that the Republic of Malawi's leadership has indicated that it may not allow the export of raw minerals out of the country. However, it believes it would be exempt from this, highlighting the President's executive order. It states: "This prohibition shall not apply to minerals that have been processed, refined, or value-added in Malawi in accordance with the laws and regulations governing the mining sector." Lindian Resources owns rare earths and bauxite assets in Malawi and Guinea.
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is down 19% to 18.7 cents. This is despite there being no news out of the rare earths developer. However, the selling may have been driven by broad weakness in the rare earths industry today after the US and China worked out the framework of a trade deal to decide on later this week that would ease American tariffs and Chinese rare earths export controls. The latter could put pressure on rare earths prices.
Nuix Ltd (ASX: NXL)
The Nuix share price is down 15% to $2.48. This follows news that the investigative analytics and intelligence software provider's CEO, Jonathan Rubinsztein, is stepping down by the end of the week. He agreed with the Nuix board that now was the right time to seek new leadership. Nuix's chair, Robert Mactier, said: " With the Company on a solid footing and well positioned for growth, the Board and Jonathan have agreed that it is now the right time to seek new leadership for the next leg of our growth journey. We collectively wish Jonathan well in his future endeavours." An interim CEO has been appointed while Nuix undertakes a global search for a permanent replacement.
Ramelius Resources Ltd (ASX: RMS)
The Ramelius Resources share price is down over 6% to $3.28. Investors have been selling this gold miner's shares following the release of its quarterly update. Ramelius reported gold production of 55,013 ounces for the three months, down 25.1% quarter on quarter. This was achieved with an all-in sustaining cost (AISC) of $1,836 per ounce. Gold sales came in at 54,734 ounces, with an average price of $4,528 per ounce for revenue of $248 million.
