The S&P/ASX 200 Index (ASX: XJO) is having a good finish to the week. In afternoon trade, the benchmark index is up 0.45% to 8,902.7 points.
Four ASX shares that have failed to follow the market higher on Friday are listed below. Here's why they are ending the week in the red:
Image source: Getty Images
Australian Ethical Investment Ltd (ASX: AEF)
The Australian Ethical share price is down 1.5% to $4.91. Investors have been selling this fund manager's shares after it released a trading update. Australian Ethical revealed that its funds under management (FUM) dropped 1% in the December quarter to $14.08 billion. This was driven by positive retail and wholesale net flows, which were offset by negative investment performance and institutional outflows during the period. The company's managing director, John McMurdo, said: "Despite challenging investment market conditions, it's been a pleasing first half of the year."
Northern Minerals Ltd (ASX: NTU)
The Northern Minerals share price is down 5.5% to 3.5 cents. This is despite the heavy rare earths company releasing an update on preliminary laboratory metallurgical test work. Northern Minerals' managing director and CEO, Shane Hartwig, said: "Achieving the positive preliminary metallurgical results for the Wolverine – Dazzler blend test work marks an important milestone in the Company's development of Dazzler as a potential additional source of heavy rare earth feed material for Browns Range."
PLS Group Ltd (ASX: PLS)
The PLS share price is down over 4% to $4.62. This may have been driven by profit taking from some investors following very strong gains over the past 12 months. Earlier this week, Morgans put a hold rating and $4.55 price target on the lithium miner's shares. It said: "We upgrade our recommendation to Hold, reflecting improving lithium market fundamentals that will materially strengthen PLS' earnings and cash flow generation." The broker sees more value in Mineral Resources Ltd (ASX: MIN) and other ASX lithium shares at current levels. You can read about its Mineral Resources recommendation here.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 1.5% to $23.68. Investors have been selling Woodside and other ASX energy shares on Friday. This was in response to a sharp pullback in oil prices overnight due to easing US-Iran tensions. Both Brent and WTI crude oil prices were down over 4% during Thursday night's session.
