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

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is down 9% to $30.86. Investors have been hitting the sell button today after the fashion jewellery retailer announced the exit of its highly regarded CEO, Victor Herrero. He will leave in approximately 12 months after four years at the helm. Given how instrumental Herrero has been in guiding Lovisa's international expansion, the market appears concerned about what might happen when he steps down from the role and hands the reins over to someone new. A replacement has been announced.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price is down 4% to $28.82. This decline also relates to Victor Herrero's exit from Lovisa. That's because his replacement will be John Cheston, who is the CEO of the Premier Investments-owned Smiggle business. Much like Herrero, Cheston has overseen a very successful international expansion of the retailer. And with Premier Investments recently announcing the potential divestment of Smiggle into a separate listing, the loss of its CEO at this time will be a blow. Cheston will join Lovisa on 4 June 2025.

Silver Lake Resources Ltd (ASX: SLR)

The Silver Lake Resources share price is down 3.5% to $1.48. Investors have been selling Silver Lake and other gold miners on Monday following a pullback in the gold price on Friday. This has led to the S&P/ASX All Ords Gold index underperforming and dropping 0.6% today. Shareholders won't be too disheartened, though. Silver Lake shares remain up 29% over the last six months despite falling 9% over the last couple of weeks.

WA1 Resources Ltd (ASX: WA1)

The WA1 Resources share price is down 7% to $19.73. This follows the release of further assays from broad-spaced reverse circulation and diamond drilling at the West Arunta niobium project in Western Australia. Management notes that the drilling has provided additional definition of the high-grade blanket of niobium mineralisation at the Luni deposit ahead of the initial Mineral Resource estimate. Judging by the share price reaction on Monday, it seems that some investors were expecting stronger results from the mineral exploration company's drilling.

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Since 1985, Australian share price gains have averaged 2.4% in April, 2% in July, and 1.9% in December.

This compares to an average monthly gain for all months of 0.62%.

September is typically the weakest month for ASX shares, according to the analysis.

In a blog published on asx.com.au, AMP chief economist Dr Shane Oliver explains that share market seasonality is due to ebbs and flows in demand for ASX shares at different times of the year.

The typical pattern is for ASX shares to strengthen from about October or November through to July the following year, followed by weakness through to September. 

Relative weakness is often seen in May and June, which AMP interprets as representative of tax-loss selling.

That's when investors sell poor-performing ASX shares before the end of the financial year so they can offset those capital losses against any capital gains made in the same financial year.

Do ASX shares follow the same pattern as US shares?

Dr Oliver says ASX shares perform in similar patterns to US shares.

Here is a chart documenting share price movements for ASX All Ords shares per month since 1985.

Here is the same information pertaining to S&P 500 Index (SP: .INX) shares in the US.

US share markets have historically been relatively weak around the September quarter, which is when the financial year finishes. So, this is when US investors would be doing most of their tax-loss selling.

Investors then start buying back into the market in the last quarter of the year.

There is a phenomenon called the 'January effect', when US shares have historically performed well on the back of new year optimism and a tendency for executives to invest their bonuses in more US stocks.

In recent years, anticipation of the 'January effect' has brought buying momentum forward to November and December.

US stocks tend to perform well between January and May, by which time new year optimism has faded.

Since 1985, November and April have been the strongest months for US shares, with average monthly gains of 1.9% and 1.6% respectively, according to AMP's analysis.

This compares to an average monthly gain across all months of 0.83%.

August and September have historically been the weakest months for US shares.

Is 'sell in May and go away' still relevant in 2024?

Since 1985, the average total return (i.e, price rises and dividends) from US shares from the end of November to the end of May has been 90% higher than the return from the end of May to the end of November.

Globally, and in Australia and Asia, it has been three or more times bigger, according to AMP's analysis.

Which ASX shares gained the most value in April?

As we said earlier, April tends to be a strong month for ASX shares, but not this year.

The S&P/ASX 200 Index (ASX: XJO) fell by 3% last month due to fears of delayed interest rate cuts.

But some ASX shares made spectacular gains.

Below are the top five risers of the month, according to CommSec data.

Foolish takeaway

Dr Oliver says "it's not always reliable, but don't ignore the time of the year".

He says:

Seasonal influences can also be overwhelmed when contrary fundamental influences [such as market or company factors] are strong, so they don't apply in all years. 

Seasonal patterns certainly shouldn't dominate an investor's strategy.

However, they nevertheless provide a reasonable guide to the monthly rhythm of markets that investors should ideally be aware of. 

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But analysts think these nine ASX All Ords shares have a bright future ahead.

Market analysts on CommSec upgraded all of them to a strong buy rating last month.

9 ASX All Ords upgraded to a strong buy rating in April

Suncorp Group Ltd (ASX: SUN)

The consensus rating on Suncorp shares was upgraded to strong buy on 29 April.

The Suncorp share price is currently $16.32, up 0.46%.

Goldman Sachs has a buy rating and a 12-month share price target of $17.54 on the ASX All Ords banking and insurance stock.

The broker says Suncorp is well-positioned for growth in today's buzzing general insurance market. Insurers are benefiting from strong renewal premium increases and higher investment yields. 

Silver Lake Resources Ltd (ASX: SLR)

Silver Lake shares were upgraded to strong buy on 26 April.

Today, the ASX All Ords gold share is trading for $1.42, up 3.04%.

A strong gold price has pushed many ASX gold stocks higher in recent months. Silver Lake was among the top 5 best performing shares last month.

Australian Unity Office Property Fund (ASX: AOF)

This ASX All Ords real estate share was upgraded to a strong buy rating on 19 April.

Today, the Australian Unity Office Property Fund share price is $1.26, down 1.94%.

Chalice Mining Ltd (ASX: CHN)

Chalice Mining shares were upgraded to strong buy on 19 April.

Today, the Chalice Mining share price is $1.10, down 6.81%.

The ASX All Ords mining share fell 2.02% on Tuesday after the company released an update.

The miner reported $107 million in cash and investments and a $7 million spend in the March quarter, down 55% on the December quarter.

The company also updated its Gonneville Project high-grade sulphide mineral resource estimate to 59Mt @ 2.0g/t 3E2, 0.20% Ni, 0.21% Cu, 0.019% Co.

Macquarie Technology Group Ltd (ASX: MAQ)

Shares in this data centre operator were upgraded to a strong buy rating on 19 April.

Today, the ASX All Ords tech share is $80.27, down 0.86%.

Last month, Macquarie completed an institutional placement to raise $100 million at $72.50 per new share.

Goldman Sachs has a buy rating on the stock with a 12-month share price target of $93.

LGI Ltd (ASX: LGI)

LGI shares were upgraded to strong buy on 18 April.

Today, the landfill gas-to-power generation stock is up 3.45% to $3.00.

The company released a new investor presentation last month.

GUD Holdings Limited (ASX: GUD)

GUD Holdings shares were upgraded to strong buy on 8 April.

Shares in the automotive aftermarket distributor are up 0.20% to $10.22 today.

Bell Potter has a buy rating and a 12-month share price target of $12.80 on GUD.

Hasting Technology Metals Ltd (ASX: HAS)

The consensus rating on Hastings Technology Metals was upgraded to strong buy on 3 April.

Today the ASX All Ords rare earths share is trading at 33 cents, down 2.99%.

The explorer released its quarterly activities report on Tuesday.

A highlight of the March quarter was signing a binding term sheet with Baotou Sky Rock for an integrated processing and offtake arrangement.

Mesoblast Ltd (ASX: MSB)

Mesoblast shares were upgraded to strong buy on 2 April.

Today, the ASX All Ords healthcare share is $1.06, down 4.09%.

Mesoblast released its quarterly update on Tuesday. It reported royalty receipts of US$1.7 million and an operating cash outflow of US$11.6 million for the March quarter.

Mesoblast also announced the exit of chair Joseph R. Swedish, who will be replaced by Jane Bell AM.

Bell Potter has a speculative buy rating on Mesoblast.

The broker recently raised its 12-month share price target to $1.40.

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The index measures the entire housing market, including houses, townhouses, and apartments. This is the 15th consecutive month of growth, and in monetary terms, it equates to a $78,000 uplift in home values.

The median Australian house price increased by 0.6% and the apartment price rose by 0.7% in April.

CoreLogic research director Tim Lawless said there was continuing strength in lower-value markets, such as the more affordable capital cities. Also, over the past quarter, apartment prices had risen faster than house prices in every city except Hobart, reflecting buyer demand for more affordable housing types.

Lawless commented:

We aren't seeing any signs of heat coming out of the Perth housing market just yet, in fact the quarterly pace of growth, at 6.0%, is approaching the cyclical highs seen during the pandemic when interest rates were at rock bottom.

On the other hand, we are seeing the pace of gains slow across the Brisbane market, easing below the 1% mark to 0.9% in April for the first time in 12 months. Affordability pressures may be impacting the pace of growth across the city, following a nearly $300,000 increase in values since the onset of COVID in March 2020, the largest dollar value increase of any capital.

Among the regional markets, regional Western Australia kept powering ahead with a 1.8% gain in home values in April. Regional Queensland and South Australia followed with 1.1% growth each.

Shares vs. property price growth in April

Here is how shares vs. property performed in terms of price growth in the month of April.

Top 5 risers of the ASX 200 in April

The S&P/ASX 200 Index (ASX: XJO) lost 3% in April.

According to CommSec data, these ASX 200 shares below outperformed the benchmark index.

Here were the top risers of the month.

What drove the Emerald Resources share price higher?

A strong gold price and an impressive quarterly update drove Emerald Resources shares higher.

The company reported that its Okvau Gold Mine in Cambodia produced 28,539 ounces of gold, which was at the upper end of the guidance range of 25,000 to 30,000 ounces per quarter.

In other news, Emerald's proposed takeover of Bullseye Mining proceeded to a compulsory acquisition.

The post How ASX shares vs. property performed in April appeared first on The Motley Fool Australia.

The good news is that not all ASX 200 shares tumbled with the market. Some even managed to deliver very strong returns for their shareholders.

Here's why these were the best performers on the index in April:

Emerald Resources NL (ASX: EMR)

The Emerald Resources share price was the best performer last month with a gain of 20.8%.

Investors were buying the gold miner's shares for a number of reasons. One was a strong rise in the precious metal, thanks to central bank purchases and safe-haven demand. This gave the whole gold sector a boost and led to many large gains from ASX 200 gold shares.

Another reason was its strong quarterly update. Emerald Resources' Okvau Gold Mine in Cambodia delivered production of 28,539 ounces, which was at the upper end of its guidance range of 25,000 ounces to 30,000 ounces per quarter.

In other news, the company's proposed takeover of Bullseye Mining gathered pace, and it proceeded to a compulsory acquisition.

South32 Ltd (ASX: S32)

The South32 share price wasn't far behind, with a gain of 19.7% in April.

Favourable movements in commodity prices gave this diversified miner a big boost last month. As did the release of its third-quarter update. That update revealed that South32's production in FY 2024 is largely in line with expectations year to date. As a result, the company remains on track to achieve almost all its guidance for the financial year.

Newmont Corporation (ASX: NEM)

The Newmont share price was the next best performer on the ASX 200, with a gain of 18.6% over the period.

This was once again driven partly by a strong rise in the gold price last month. In addition, the gold miner's quarterly update went down well with the market.

Although Newmont reported a 4% decline in gold production to 1,675,000 ounces, this couldn't stop the company from delivering strong profit growth. The Newcrest owner reported adjusted net income growth of 39.4% to US$630 million. This led to earnings per share of US$0.55, which was notably better than the consensus estimate of US$0.36 per share.

For similar reasons, fellow gold miners RED 5 Limited (ASX: RED) and Silver Lake Resources Ltd (ASX: SLR) were not far behind with gains of 18.4% and 17.7%, respectively.

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Investors are bidding up the big Aussie gold producers following some enticing quarterly updates.

And recent record-high gold prices certainly aren't hurting.

Here's what's happening.

ASX 200 gold shares shining bright

The first ASX 200 gold share enjoying a strong run today is Perseus Mining Ltd (ASX: PRU).

The Perseus Mining share price is up 4.1% at the time of writing, with shares trading for $2.27 apiece. That's up 37% since the gold rally kicked off in mid-February.

Investors are clearly pleased with quarterly gold production of 127,471 ounces, which brings the miner's financial year to date gold production of 389,048 ounces.

On the cost front, the weighted average all-in sustaining costs (AISC) of US$1,091 per ounce, came in slightly higher than the prior quarter, as management had previously indicated was likely.

Average gold sales price the ASX 200 gold share received increased by 3% from Q2 FY 2024 to US$2,025 per ounce. The quantity of gold sold slipped to 115,648 ounces, which management said was due to the timing of gold shipments and sales.

Perseus reported notional operating cash flow of US$119 million for the quarter and US$373 million for the nine-month period to 31 March.

As at 31 March, the miner had an available cash and bullion balance of US$702 million, plus US$74 million of listed securities, with no debt and US$300 million of undrawn debt capacity available.

Which brings us to the second ASX 200 gold share soaring higher today after releasing its quarterly update, Regis Resources Ltd (ASX: RRL).

The Regis share price is up 3.3% at the time of writing, at $2.17.

Investors look to be rewarding the miner after management maintained its FY 2024 guidance despite the impact of "substantial and protracted regional wet weather".

Regis is forecasting full year gold production of 415,000 ounces to 445,000 ounces and an AISC in the range of $1,995 to $2,315 per ounce.

Regis produced 90,600 ounces of gold over the quarter at an AISC of AU$2,735 per ounce. Costs included an AU$234 per ounce non-cash inventory adjustment and were also hit by the March rains.

As at 31 March, Regis held cash and bullion of $186 million, up $31 million.

Also charging higher

The third ASX 200 gold share charging higher today on the back of its quarterly update is Silver Lake Resources Ltd (ASX: SLR).

The Silver Lake share price is up 3.3% at the time of writing, with shares trading for $1.42 apiece. That sees the share price up 42% over six months.

Silver Lake produced 64,967 ounces gold and 349 tonnes copper (66,268 ounces gold equivalent) over the three months. It sold 64,463 ounces gold and 338 tonnes copper at an average sales price of AU$3,110 per ounce and AISC of AU$1,522 per ounce.

Year to date the miner produced 186,666 ounces gold and 890 tonnes copper (189,984 ounces gold equivalent) with sales of 187,244 ounces gold and 872 tonnes copper at an average sales price of AU$3,029 per ounce and AISC of A$1,695 per ounce.

As at 31 March, Silver Lake held cash and bullion of $342 million.

Looking ahead, management said the proposed merger of equals with Red 5 Ltd (ASX: RED), which was announced in February, remains on track for implementation in June.

The ASX 200 gold share is also likely drawing investor interest after noting it is "well-positioned to exit FY 2024 having delivered or exceeded group sales guidance for the 10th consecutive year".

FY 2024 guidance is for 210,000 to 230,000 ounces at an ASIC of AU$1,850 to AU$2,050 per ounce. Those costs include AU$168 per ounce in non-cash inventory charges associated with the treatment of stockpiles at its Mount Monger gold mine.

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Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher on Monday:

Life360 Inc (ASX: 360)

The Life360 share price is up 17% to $14.20. This follows the release of a trading update which revealed that the location technology company has had a record first quarter. Life360's global Monthly Active Users (MAU) were 66.4 million at the end of the first quarter. This is an increase of 4.9 million since the end of the fourth quarter and represents a record for a first quarter. It is also more than double the net additions of 2.2 million the company recorded in the prior corresponding period. Life360 also suggested that a dual listing on Wall Street could be coming soon.

Qantas Airways Limited (ASX: QAN)

The Qantas Airways share price is up 5% to $5.71. Investors have responded positively to news that Qantas is making "one of the biggest ever expansions" of its frequent flyer program. This will see the Flying Kangaroo add 200 million more reward seats with the launch of Classic Plus Flight Rewards. CEO Vanessa Hudson said: "The Qantas Frequent Flyer program is an integral part of Qantas and has always been about recognising our customers for their loyalty. The widespread availability of Classic Plus means that frequent flyers have more options to fly where they want, when they want and more often, using their points."

Qoria Ltd (ASX: QOR)

The Qoria share price is up 30% to 41 cents. This follows news that the cyber safety company has received and rejected a takeover offer. According to the release, the company, formerly known as Family Zone Cyber Safety, believes the 40 cents per share offer from K1 Investment Management "significantly undervalues Qoria and has unanimously rejected the Indicative Proposal as not being in the best interests of shareholders."

Silver Lake Resources Ltd (ASX: SLR)

The Silver Lake Resources share price is up 5% to $1.34. Investors have been buying this gold miner's shares following the release of a sales update. According to the release, Silver Lake Resources' sales for the third quarter were 64,463 ounces of gold and 338 tonnes of copper. This brings financial year to date sales to 187,244 ounces of gold and 872 tonnes of copper. Management advised that both the Mount Monger and Deflector operations performed strongly through the quarter and are well positioned to meet the top end of their respective guidance ranges.

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

AGL Energy Limited (ASX: AGL)

The AGL Energy share price is down over 2% to $8.60. This may have been driven by profit taking after a strong gain on Thursday following its half year results release. In addition, this morning, Macquarie responded by retaining its neutral rating on AGL's shares with a price target of $9.60.

Alliance Aviation Services Ltd (ASX: AQZ)

The Alliance Aviation share price is down a further 5% to $3.01. Investors have been selling this aviation services company's shares after its half year results revealed an increase in its net debt to $244.6 million. This comes at a time when the company is planning to spend big on capital expenditures.

Boss Energy Ltd (ASX: BOE)

The Boss Energy share price is down 12% to $5.25. Investors have been selling ASX uranium shares today following the release of an update from one of the world's largest uranium miners, Cameco Corp (NYSE: CCJ). It revealed plans to increase its uranium production materially to take advantage of strong demand and weak supply. This may have sparked fears that uranium prices could pull back.

Silver Lake Resources Ltd (ASX: SLR)

The Silver Lake share price is down almost 3% to $1.09. This gold miner's shares have come under pressure this week after announcing plans to merge with Red 5 Ltd (ASX: RED). It seems that some investors are not overly keen on the plan and aren't sticking around to see how it turns out.

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Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 5% to 18.5 cents. This follows broad weakness in the lithium industry again on Monday. It's also worth noting that last week, Goldman Sachs put a sell rating and 14 cents price target on its shares.

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price is down 7.5% to $3.95. This follows the release of an update on the New Zealand International Convention Centre and Hobson Street Hotel project (NZICC) and the Wellington International Airport Carpark project (WIAL Carpark). In respect to the former, the company has determined that it will make an additional provision on NZICC of NZ$165 million.

Silver Lake Resources Ltd (ASX: SLR)

The Silver Lake share price is down 13% to $1.10. Investors have not responded positively to news that the gold miner is merging with Red 5 Ltd (ASX: RED). Under the terms of the transaction, Red 5 will acquire 100% of the shares in Silver Lake and each Silver Lake shareholder will receive 3.434 Red 5 shares for every share held.

Silver Mines Ltd (ASX: SVL)

The Silver Mines share price is down 20% to 13.5 cents. This follows the completion of a placement to raise $8 million before costs. The company raised the funds at a 19.2% discount of 13.5 cents per new share. This will be used to support the development of the Bowdens Silver Project.

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At the time of writing, the Silver Lake share price is down 9% and the Red 5 share price is down 3%.

Why are these ASX gold shares falling?

Investors have been selling these ASX gold shares today after responding negatively to the announcement of an agreement to merge and create a ~$2.3 billion, ~445,000 ounces per annum, diversified, leading mid-tier gold company with a strong balance sheet to pursue growth.

According to the release, under the terms of the transaction, Red 5 will acquire 100% of the shares in Silver Lake and each Silver Lake shareholder will receive 3.434 Red 5 shares for every share held.

Upon implementation of the transaction, Red 5 shareholders will own 51.7% of the merged entity and Silver Lake shareholders will own the remaining 48.3%.

The combined entity will be led by Russell Clark (from Red 5) as Chairman and Luke Tonkin (from Silver Lake) as Managing Director and CEO. The board will comprise four directors from each of the current Red 5 and Silver Lake boards.

The Silver Lake board of directors unanimously recommends that its shareholders vote in favour of the transaction. This is subject to the independent expert's report.

Why are they merging?

Although the market may not be keen on the merger, the two companies believe that it will bring together a highly complementary combination of assets and balance sheets, creating value for shareholders. CEO-elect, Luke Tonkin, said:

This transaction represents a highly complementary combination of assets and balance sheets for the mutual benefit of both Silver Lake and Red 5 shareholders. Mergers work when each company brings attributes that the other company does not possess, which is undoubtedly the case here. The increased scale, diversification and financial strength of the new company that will be formed via this transaction will be primed for continued strong cash flow generation and further growth.

This sentiment was echoed by Red 5's CEO, Mark Williams. He said:

This transaction represents a logical merger of two leading mid-tier gold companies and represents an exciting inflection point for Red 5 shareholders following the successful development, ramp-up and achieving steady state production at King of the Hills. The merger creates a ~445,000 oz pa diversified gold producer with assets in tier one jurisdictions. With a sector leading balance sheet, the merged entity provides a strong foundation for future growth.

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