In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,391.8 points.
Four ASX shares that have failed to climb with the market today are listed below. Here’s why they are falling:
BHP Group Ltd (ASX: BHP)
The BHP share price is down over 1.5% to $38.57 following the release of its first quarter update. BHP had a tough quarter operationally, which led to production declines across a range of key commodities including iron ore and copper. However, management remains positive on its outlook and has reaffirmed its FY 2022 production guidance.
Propel Funeral Partners Ltd (ASX: PFP)
The Propel Funeral Partners share price has tumbled 5% to $4.20. Investors have been selling this funeral company’s shares after it completed its $52.2 million institutional placement. A total of 12.25 million new shares will be issued to new and existing institutional shareholders at $4.10 per share. This represents a 7.2% discount to its last close price. The funds will be used to pay down debt and pursue further growth initiatives and acquisitions.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price is down 3% to $1.58. This is despite the release of a solid quarterly update by the gold miner this morning. Following the strong quarter, Silver Lake advised that it is positioned to deliver its FY 2022 sales guidance. This is for 235,000 to 255,000 ounces of gold and 600 to 1,000 tonnes of copper at an AISC range of A$1,550 to A$1,650 per ounce. Some investors may have been expecting even better.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price is down over 2.5% to $5.09. This follows the release of the gaming company’s AGM update. At the meeting, Tabcorp revealed that lockdowns have negatively impacted the company’s performance during the quarter. Tabcorp’s group revenue fell 7% compared to the prior corresponding period. This was driven partly by a 19% decline in Keno revenue.
The post Why BHP, Propel, Silver Lake, and Tabcorp shares are falling appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
More reading
- Which ASX 300 shares are the biggest winners and losers on Tuesday?
- ASX 200 (ASX:XJO) midday update: BHP’s Q1 update, CSL’S R&D update
- Tabcorp (ASX:TAH) share price slides after trading, demerger update
- Why is the Propel Funeral (ASX:PFP) share price down 7% today?
- BHP (ASX:BHP) share price on watch after Q1 update and reaffirming guidance
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 Propel Funeral Partners Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3m0In4B
Leave a Reply