The S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterdayâs selloff. In afternoon trade, the benchmark index is up 0.3% to 6,848.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down a further 10% to 95 cents. This follows news that the lithium developer is disputing the terms of a contract that would see its partner Lilac Solutions earn 25% of the Kachi Lithium Project. Given that Lake is heavily reliant on Lilacâs potential DLE technology to make its project economical, investors appear concerned what this could mean for their partnership and the project.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price is down over 8% to 98.5 cents. Investors have been selling this donation platform providerâs shares amid concerns that its takeover could be on the brink of collapsing. Pushpay has responded to the speculation but neither denied nor confirmed that the takeover is on the rocks.
South32 Ltd (ASX: S32)
The South32 share price is down 7% to $4.01. This has been driven by the mining giantâs shares trading ex-dividend this morning for its latest dividend. Eligible shareholders can look forward to receiving its fully franked final dividend of 14 US cents per share and a fully franked special dividend of 3 US cents per share next month on 13 October.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 4% to $1.28. Investors have been selling this payments companyâs shares despite it naming a new CEO. Jon Davey will take the top job from the outgoing Robbie Cooke on 3 October. He is currently the CEO of Tyroâs Health business, having joined Tyro in May 2021 following Tyroâs acquisition of health fintech Medipass.
The post Why Lake, Pushpay, South32, and Tyro shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Why a leading fund manager rates these 2 ASX 200 mining shares as buys
- Lake Resources share price continues to dive, down 24% in a week
- Tyro share price slides on CEO news
- Why is the South32 share price sinking 7%?
- 5 things to watch on the ASX 200 on Thursday
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 PUSHPAY FPO NZX and Tyro Payments. The Motley Fool Australia has positions in and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://www.fool.com.au/2022/09/15/why-lake-pushpay-south32-and-tyro-shares-are-dropping/
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