In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. At the time of writing, the benchmark index is down 0.4% to 7,331.9 points.

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

Bank of Queensland Ltd (ASX: BOQ)

The Bank of Queensland share price is down 5% to $6.05. Investors have been selling this regional bank’s shares after a few brokers responded negatively to its half-year results. One of those was Morgan Stanley, which has downgraded the bank’s shares to an underweight rating with a $6.00 price target.

Lithium Power International Ltd (ASX: LPI)

The Lithium Power share price is down 16% to 33 cents. This appears to have been driven by news that Chile plans to nationalise its lithium industry to create a state-owned lithium company. This could potentially mean that control of Lithium Power’s Maricunga Lithium Brine Project in Chile is transferred to the government.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price is down almost 5% to 80 cents. This is despite the company releasing an update on the definitive feasibility study (DFS) for the Tennessee Lithium Project. The DFS affirmed the potential for Piedmont Lithium to develop an American-based lithium hydroxide business.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down 3% to $116.97. This may be due to a lukewarm response to the miner’s quarterly update from brokers. For example, analysts at Morgans responded by retaining their hold rating and trimming their price target to $116.00. Over at UBS, its analysts retained their sell rating and $95.00 price target. Whereas Macquarie held firm with its neutral rating with a slightly reduced price target of $122.00.

The post Why Bank of Queensland, Lithium Power, Piedmont Lithium, and Rio Tinto are falling appeared first on The Motley Fool Australia.

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More reading

• Why is the Piedmont Lithium share price tumbling today?
• Goldman Sachs says the Rio Tinto share price is ‘compelling value’ after Q1 update
• ASX 200 mining shares sink as iron ore price nears 2023 low
• Why 29Metals, Allkem, Alliance, and Rio Tinto shares are falling today
• Why Bank of Queensland, Link, Silk Laser, and Zip shares are pushing higher

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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