Why Fortescue, Generation Development, Northern Star, and Pantoro shares are falling today

These shares are missing out on the good times on Thursday. What's happening?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.65% to 8,839.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Fortescue Ltd (ASX: FMG)

The Fortescue share price is down 4.5% to $21.59. Investors have been selling this iron ore producer's shares after it released its second quarter and first half production update. Although it reported a small increase in shipments for the second quarter and record shipments for the half, investors appear concerned by a jump in its unit costs. This meant that for the half year, C1 costs averaged US$18.64 per tonne. This is slightly above the top end of its full year guidance range of US$17.50 per tonne to US$18.50 per tonne.

Generation Development Group Ltd (ASX: GDG)

The Generation Development Group share price is down 7.5% to $5.57. This is despite the investment bond company reporting a 36% increase in group funds under management (FUM) to $34.5 billion. The company's CEO, Felipe Araujo, commented: "We continue to see strong and consistent momentum in our inflows, underpinned by deep adviser engagement and growing awareness of the role investment bonds play in long-term wealth planning." It seems that some investors were expecting even stronger growth.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down almost 9% to $26.10. Investors have been selling this gold miner's shares following the release of its quarterly update. Northern Star reported gold sold totalling 348,000 ounces at an all-in sustaining cost (AISC) of A$2,937 per ounce. This reflects a number of one-off operational events across its assets which resulted in a softer December quarter. This is expected to lead to cash earnings of $1,060 million to $1,110 million, which is down from $1,146 million in the prior corresponding period.

Pantoro Gold Ltd (ASX: PNR)

The Pantoro Gold share price is down 11% to $5.17. This follows the release of the gold miner's quarterly production update. Pantoro revealed that it produced 22,071 ounces of gold during the December quarter. This was broadly in line with recent run rates. This underpinned gold sales of 22,473 ounces at an average realised price of A$6,077 per ounce and an AISC of $2,571 per ounce. Pantoro reported EBITDA of $83.6 million for the three months. Ord Minnett was expecting the company to report production of 26,000 ounces for the quarter.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Generation Development Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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