Why Ramelius, Sayona Mining, St Barbara, and Woodside shares are dropping today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.45% to 7,348.7 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Ramelius Resources Ltd (ASX: RMS)

The Ramelius share price is down 3.5% to $1.41. Investors have been selling gold miners on Tuesday after the price of the precious metal pulled back overnight. This was driven by traders reassessing their rate hike expectations.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 3.5% to 20.7 cents. This appears to have been driven by profit taking from some investors after a particularly strong gain on Monday. Investors were scrambling to buy this lithium miner’s shares yesterday after it released a mineral resource update for its Canadian operations.

St Barbara Ltd (ASX: SBM)

The St Barbara share price has continued its slide and is down a further 10% to 55 cents. Investors have been selling this gold miner’s shares after it agreed to sell its Leonora assets to Genesis Minerals Ltd (ASX: GMD). Genesis believes the acquisition of St Barbara’s Leonora assets will position it as a gold industry leader with a dominant position in Western Australia’s world-class Leonora District.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is down over 2% to $33.98. This follows a pullback in oil prices overnight. Traders were selling down oil amid concerns that more interest rate hikes could be coming in the United States. This could have a negative impact on economic growth and ultimately demand for oil. There are also concerns that proposed tax changes in Australia could hit Woodside.

The post Why Ramelius, Sayona Mining, St Barbara, and Woodside shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Macquarie says changes to this tax could be a red flag for Woodside shares
• Here are the top 10 ASX 200 shares today
• Why AMA, New Hope, Regis Resources, and St Barbara shares are dropping
• Why EML, Lake Resources, Lindsay, and Sayona Mining shares are racing higher
• Here are the 3 most heavily traded ASX 200 shares on Monday

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.

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