Why Core Lithium, Jupiter Mines, Newmont, and Perpetual shares are dropping today

The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday and is pushing higher. In afternoon trade, the benchmark index is up 0.3% to 7,737.1 points.

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

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 9% to 20 cents. This follows the release of the lithium miner’s half-year results. Due to lithium price weakness and the suspension of its spodumene production, Core Lithium reported revenue of $134.8 million and a loss after tax of $167.6 million. The company also revealed that its CEO, Gareth Manderson, is stepping down.

Jupiter Mines Ltd (ASX: JMS)

The Jupiter Mines share price is down almost 3% to 17.5 cents. This follows the release of the scoping study evaluating the opportunity to supply high purity manganese sulphate monohydrate to the electric vehicle battery market. Management advised that the study has “yielded promising results” but the market doesn’t appear convinced.

Newmont Corporation (ASX: NEM)

The Newmont share price is down 3% to $51.33. Investors have been selling Newmont and other gold miners today after the gold price tumbled overnight. This was driven by a hotter than expected US inflation reading which has reduced the chances of a rate cut in the near future. The S&P/ASX All Ordinaries Gold index is down 2% this afternoon.

Perpetual Ltd (ASX: PPT)

The Perpetual share price is down over 2% to $24.14. This has been driven by the fund manager’s shares going ex-dividend this morning for its upcoming interim dividend. Eligible shareholders can look forward to receiving this 65 cents per share partially franked dividend next month on 8 April.

The post Why Core Lithium, Jupiter Mines, Newmont, and Perpetual shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Core Lithium shares crash 9% after posting massive half-year loss
• 5 things to watch on the ASX 200 on Wednesday
• Core Lithium share price on watch amid $167m half-year loss and CEO exit
• Here are the top 10 ASX 200 shares today
• Why are short sellers shifting into ASX blue chips and out of lithium losers?

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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