Why Beach, Blackmores, Costa, and Weebit Nano shares are falling today

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 0.1% to 7,065.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down 4% to $1.52. Investors have been selling Beach and other energy shares today after oil prices sank again overnight. Traders were selling down oil amid global economic growth concerns. The S&P/ASX 200 Energy index is down 2.1% this afternoon.

Blackmores Ltd (ASX: BKL)

The Blackmores share price is down 1.5% to $73.38. This is despite there being no news out of the health supplements company. However, it is worth noting that Citi recently warned about the company’s prospects in FY 2023. It feels that price increases and the cost of living crisis could hit demand for its offering. Citi has a sell rating and $58.85 price target on its shares.

Costa Group Holdings Ltd (ASX: CGC)

The Costa Group share price is down 2% to $2.74. A number of agricultural shares are under pressure on Thursday. This may have been driven by some large investors rotating out of the sector into other areas of the market.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down 1% to $3.60. This may have been driven by profit taking after some strong gains in recent sessions. Investors have been buying this semiconductor company’s shares after it provided a positive update on its demo chip.

The post Why Beach, Blackmores, Costa, and Weebit Nano shares are falling today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• Why are ASX 200 energy shares falling today?
• 5 things to watch on the ASX 200 on Wednesday
• Here are the top 10 ASX 200 shares today
• Why HT&E, Seven West Media, Tabcorp, and Weebit Nano shares are rising

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 Blackmores and Costa Group. 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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