The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In afternoon trade, the benchmark index is up 0.1% to 8,729 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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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 1.5% to 33 cents. This may have been driven by profit taking from some investors after strong gains this week. In fact, the gain was so strong that the Australian stock exchange asked for it to explain the rise on Thursday. Core Lithium responded, stating that it "is not aware of any other explanation that it may have for the recent trading in its securities." But with lithium prices rebounding strongly in recent months, investors may believe that Core Lithium could soon restart its lithium mining operations.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is down 3.5% to $10.52. This is despite there being no news out of the uranium producer on Friday. However, it is worth noting that most ASX uranium stocks are falling today. This could be due to short sellers increasing their positions. Paladin Energy is one of the most shorted shares on the Australian share market.
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price is down 2% to $211.46. This follows a poor night for US tech stocks, with investors rotating out of the sector and into other areas. It isn't just Pro Medicus that is falling on Friday. The S&P/ASX Information Technology index is now down by 6% since this time last month.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is down 6% to $143.44. Investors have been selling this mining giant's shares after it revealed that it is looking at a potential merger with Glencore (LSE: GLEN). It said: "Rio Tinto and Glencore have been engaging in preliminary discussions about a possible combination of some or all of their businesses, which could include an all-share merger between Rio Tinto and Glencore. The parties' current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement." Though, it warned that there is no certainty that an offer will be made or as to the terms of any such offer, should one be made. Given the share price reaction, investors don't appear keen on the potential merger.
