The S&P/ASX 200 Index (ASX: XJO) is back on form on Friday and pushing notably higher. In afternoon trade, the benchmark index is up 0.6% to 7,316.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down 7.5% to $1.70. The catalyst for this was news that the coal miner has priced its $200 million senior unsecured convertible notes. New Hope revealed that the notes will have a fixed coupon rate of 2.75%, paid twice a year for a five-year period. Settlement of the bonds is expected on or around July 2021, with a maturity date of 2 July 2026 and a conversion price of $2.10.
Nuix Ltd (ASX: NXL)
The Nuix share price has continued its slide and is down a further 3.5% to $2.47. Investors have been selling the embattled investigative analytics and intelligence software provider’s shares this week after it advised that a search warrant was executed at its Sydney office seeking documents. And while the company stressed that this is in relation to an investigation into the affairs of an individual and not an allegation of wrongdoing by Nuix, investors aren’t sticking around to see what happens.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 3.5% to $1.49. This morning the lithium producer announced plans to restart its Ngungaju Operation. It is set for a staged restart during the December quarter. After which, it is targeting annual full production capacity of 180,000 to 200,000 dry metric tonnes (dmt) by the middle of calendar year 2022. Combined operating costs are expected to be A$525-A$575/dmt. This may be more than investors were expecting. The company currently enjoys an operating cost of A$495/dmt.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is down 2% to $36.97. Investors continue to sell the retail conglomerate’s shares following the spin-off of Endeavour Group Limited (ASX: EDV). The latter, though, has been a very strong performer today. The drinks business is up 5% on its second day as a separate entity.
The post Why New Hope, Nuix, Pilbara Minerals, & Woolworths shares are dropping appeared first on The Motley Fool Australia.
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More reading
- The Endeavour (ASX:EDV) share price is shooting 8% higher today
- Here’s why the New Hope (ASX:NHC) share price will be on watch today
- ASX 200 drops again, Westpac falls, Transurban down
- Nuix (ASX:NXL) share price falls as warrant to search offices issued
- Endeavour Group (ASX:EDV) share price falls on ASX debut
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 recommended Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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