The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. In afternoon trade, the benchmark index is up 0.45% to 7,357.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down 5.5% to $2.26. This follows news that the energy producerâs Bauna operation will be offline longer than previously hoped. As a result, management expects its full-year guidance for FY 2023 to be at the low end for production and high end for unit costs.
Lottery Corporation Ltd (ASX: TLC)
The Lottery Corporation share price is down 3% to $5.01. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded this lottery companyâs shares to a neutral rating with a reduced price target of $5.35. Macquarie sees more value in another ASX lottery share.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down almost 2.5% to $7.72. Investors have been selling this struggling fund managerâs shares again this month after it reported further funds outflows in March. The Magellan share price is now down over 50% since this time last year.
WAM Leaders Ltd (ASX: WLE)
The WAM Leaders share price is down 5% to $1.51. This morning, this investment company announced the successful completion of a $131 million institutional placement at $1.48 per new share. The company will now push ahead with a share purchase plan for retail shareholders.
The post Why Karoon Energy, Lottery Corp, Magellan, and WAM Leaders are dropping today appeared first on The Motley Fool Australia.
4 ways to prepare for the next bull market
It’s a scary market. But staying in cash when inflation is surging likely won’t do investors any good either.
And when some world-class companies have pulled back considerably from their recent highs… All while their fundamentals remain unchanged…
It begs the question…
Do you have these 4 stocks in your portfolio?
See The 4 Stocks
*Returns as of April 3 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Why is this ASX 200 energy share sinking 5% today?
- Here are the top 10 ASX 200 shares today
- 5 things to watch on the ASX 200 on Tuesday
- Why Brickworks, Energy Resources, Magellan, and Pilbara Minerals shares are dropping today
- Why Deep Yellow, Frontier Digital, Magellan, and Novonix shares are dropping today
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 no position in any of the stocks mentioned. 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://ift.tt/tB5vs9D
Leave a Reply