The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a gain. In afternoon trade, the benchmark index is up 0.35% to 6,552 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
The Beach share price is down 3% to $1.58. This appears to have been driven by a pullback in oil prices overnight. It isn’t just Beach that is slipping today. At the time of writing, the S&P/ASX 200 Energy index is down 1.9%.
The Cooper Energy share price is down 4% to 23.5 cents. Investors have been selling this energy company’s shares this week following the completion of its institutional entitlement offer and placement. Cooper Energy raised $183 million at a 22% discount of 24.5 cents per new share. The proceeds will be used to fund the acquisition of the Orbost Gas Processing Plant.
The Leo Lithium share price has continued its slide and is down a further 1.5% to 51.2 cents. This is despite the rest of the lithium industry rebounding strongly. Today’s decline means that this newly listed lithium developer’s shares have lost 27% of their value since listing at 70 cents on Thursday.
The Whitehaven Coal share price is down 3.5% to $4.44. A number of miners are trading lower today amid concerns over a potential global recession. This has put pressure on commodity prices this week. In addition, news of coal royalty increases in Queensland have hit the miners hard. Royalties are due to increase to upwards of 40% for prices above $300 per tonne.
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