Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another small gain. At the time of writing, the benchmark index is up slightly to 7,683 points.

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

Aussie Broadband Ltd (ASX: ABB)

The Aussie Broadband share price is down 1.5% to $3.51. This morning, the telco announced that it plans to challenge the instruction to sell down its holding in Superloop Ltd (ASX: SLC). Aussie Broadband has been told to reduce its stake to 12% as a greater level of ownership is not allowed under its constitution without the approval of the Info-communications Media Development Authority (IMDA) in Singapore. Today, Aussie Broadband has lodged a notice of Federal Court proceedings seeking injunctions against Superloop’s sale instruction.

Liontown Resources Ltd (ASX: LTR)

The Liontown share price is down 3% to $1.25, This lithium developer’s shares have come under pressure since the release of its half-year results last week. For the six months ended 31 December, the company reported a net loss before tax of $31 million. In addition, it is worth highlighting that its shares had been on a strong run earlier in the month. So, it is possible that some profit taking is taking place today.

Metals Acquisition (ASX: MAC)

The Metals Acquisition share price is down almost 3% to $20.31. This has been driven by the release of a drilling update from the company’s CSA Copper Mine. The market may not have responded positively to the drilling results, but Metals Acquisition’s CEO, Mick McMullen, was pleased with them. He commented: “These results continue to showcase why we think the CSA Copper Mine has a long future with continued exploration success converting the Inferred Resource to Measured and Indicated, together with adding new mineralisation to the inventory.”

Seek Ltd (ASX: SEK)

The Seek share price is down 2% to $25.10. Today’s weakness appears to have been driven partly by the job listings company’s shares going ex-dividend this morning for its next payout. Last month, Seek released its half year results and declared a fully franked 19 cents per share interim dividend. This will be paid to eligible shareholders next month on 3 April.

The post Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling appeared first on The Motley Fool Australia.

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More reading

• Aussie Broadband share price falls as legal proceedings commence against Superloop
• 3 ASX All Ords shares that brokers tip will grow 30% to 40% this year
• Here are the top 10 ASX 200 shares today
• Why Arafura Rare Earths, Core Lithium, Goodman, and Superloop shares are falling today
• Aussie Broadband share price tumbles after telco told to sell $47 million stake in a competitor

Motley Fool contributor James Mickleboro has positions in Seek. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Aussie Broadband. The Motley Fool Australia has recommended Aussie Broadband and Seek. 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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