In afternoon, 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 1.5% to 6,531.6 points.
Four ASX shares that have failed to follow the marketâs lead are listed below. Hereâs why they are tumbling lower:
Bowen Coking Coal Ltd (ASX: BCB)
The Bowen Coking Coal share price is down 17% to 28.5 cents. This morning this this coal miner revealed that it has executed a series of funding arrangements totalling approximately $190 million. These funds will be used to support the companyâs development of its portfolio of development-ready coking coal assets.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price has crashed 17% to $1.12. This lithium developerâs shares have fallen heavily this week following the announcement of the shock exit of its managing director, Steve Promnitz. In addition, there are concerns about rising short interest.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down almost 2.5% to $19.67. This decline has been driven by the retail conglomerateâs shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving the Smiggle ownerâs 46 cents per share fully franked dividend on 27 July.
ResApp Health Ltd (ASX: RAP)
The ResApp share price has crashed 31% to 12 cents. This morning the digital health company revealed disappointing study results for its COVID-19 smartphone algorithm. This means that the takeover proposal from Pfizer Australia will be 14.6 cents per share instead of 20.7 cents per share. Thatâs if the healthcare giant still goes ahead with the takeover following the poor results.
The post Why Bowen Coking Coal, Lake Resources, Premier, and ResApp shares are tumbling lower appeared first on The Motley Fool Australia.
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More reading
- Why is the Premier Investments share price falling today?
- Why is the ResApp share price crashing 29% today?
- 5 things to watch on the ASX 200 on Tuesday
- Why is the Lake Resources share price sinking 14% today?
- Top broker names 4 ASX lithium stocks to buy now
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 Premier Investments Limited. 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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