Why Evolution Mining, Pantoro, Energy Resources, and Insignia shares are dropping today

The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Wednesday. In early afternoon trade, the benchmark index is down 0.2% to 7,401 points.

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

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is down 19% to $3.04. Investors have been selling the gold miner’s shares after its quarterly update fell well short of expectations. And while management has reiterated its full year guidance, the market doesn’t appear to believe it will be able to achieve it after such a poor three months.

Pantoro Ltd (ASX: PNR)

The Pantoro share price is down 8% to 4.4 cents. Investors haven’t responded positively to the gold miner completing its review of its current mining strategy. That’s despite the review determining that significant improvements to its production and cost profile can be achieved through the implementation of a revised plan. This involves the development of the underground at Scotia earlier than originally forecast.

Energy Resources Of Australia Ltd (ASX: ERA)

The Energy Resources Of Australia share price is down 7% to 6.6 cents. This appears to have been driven by profit taking after the uranium developer’s shares exploded this week. They were up almost 70% this week prior to today’s session thanks to a booming uranium price. This has been driven by the world’s largest uranium miner warning that its production could be short of expectations in 2024 and 2025.

Insignia Financial Ltd (ASX: IFL)

The Insignia Financial share price is down 3.5% to $2.16. This morning, analysts at UBS downgraded the financial services company’s shares to a sell rating with a $2.05 price target. The broker believes that Insignia, formerly known as IOOF, has a very challenging outlook.

The post Why Evolution Mining, Pantoro, Energy Resources, and Insignia shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Why is the Evolution Mining share price crashing 16% today?
• Guess which ASX uranium stock is up ~70% this week
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 on Friday
• Goldman names 3 ASX 200 gold stocks to buy and 3 to hold

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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