In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to record a strong gain. At the time of writing, the benchmark index is up 1.1% to 7,342.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
Cettire Ltd (ASX: CTT)
The Cettire share price is down 7% to 68.5 cents. Investors have been selling this online luxury goods retailer’s shares following the release of its quarterly update. Although Cettire reported strong growth in its gross revenue, there were a few metrics that appear to have spooked investors. For example, conversion rates and average order size both fell year on year and compared to the average during the first two quarters of FY 2022.
Newcrest Mining Ltd (ASX: PLS)
The Newcrest share price is down 2% to $26.50. This follows the release of the gold miner’s quarterly update. That update revealed a 10% increase in gold production to 480,000 ounces. And with an all-in sustaining cost (AISC) of $1,008 per ounce, Newcrest enjoyed an AISC margin of $809 per ounce. This appears to have been overshadowed by a pullback in the gold price overnight.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price has slumped 6% to $1.88. This morning the gold miner released its quarterly update and reported production of 53,822 ounces of gold. While this left it positioned to meet its FY 2022 production guidance, management warned that COVID-19 related labour shortages could disrupt its operations. As a result, it is withdrawing its guidance.
Whispir Ltd (ASX: WSP)
The Whispir share price has sunk over 15% to $1.24. Yesterday this communications workflow platform provider avoided the tech selloff after investors responded positively to the release of its quarterly update. That positivity has faded very quickly, with a broker note out of Wilsons potentially to blame. This morning its analysts slashed their price target by 22% to $3.05. Though, this is still meaningfully higher than current levels.
The post Why Cettire, Newcrest, Silver Lake, and Whispir shares are tumbling lower appeared first on The Motley Fool Australia.
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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 positions in and has recommended Cettire Limited and Whispir Ltd. The Motley Fool Australia has recommended Cettire Limited and Whispir Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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