The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up a modest 0.15% to 6,612.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Allkem Ltd (ASX: AKE)
The Allkem share price is down over 5% to $9.46. This is despite there being no news out of the lithium miner. However, it is worth noting that Allkem isnât the only lithium share that is falling on Tuesday. The lithium industry is a sea of red this afternoon as investors reduce exposure to higher risk shares.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 10% to $2.70. Investors have been selling Australian ecommerce shares on Tuesday following a poor night for their international peers. Investors appear to believe that online retailers may struggling in the current environment. The Kogan share price is now down by approximately 70% since the start of the year.
Metcash Limited (ASX: MTS)
The Metcash share price is down 2% to $4.23. This decline has been driven by the wholesale distributorâs shares trading ex-dividend this morning for its latest dividend. Eligible shareholders can now look forward to receiving Metcashâs fully franked final dividend of 11 cents per share next month on 10 August.
Sezzle Inc (ASX: SZL)
The Sezzle share price has crashed 37% lower to 26 cents. Investors have been selling the buy now pay later (BNPL) providerâs shares after its merger with Zip Co Ltd (ASX: ZIP) was scrapped. One small positive for Sezzle is that it will receive a termination fee of US$11 million. However, with its market capitalisation now just ~$50 million, investors appear to believe it could soon be lights out for the company.
The post Why Allkem, Kogan, Metcash, and Sezzle shares are sinking appeared first on The Motley Fool Australia.
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More reading
- Does the FY23 outlook make ASX retail shares look like bargains?
- Why are these 2 ASX ecommerce shares hitting two-year lows?
- ASX 200 midday update: Zip scraps Sezzle merger, Lake Resources’ short seller attack
- Sezzle share price plunges 35% as Zip merger scrapped
- Why is the Metcash share price in reverse today?
Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Kogan.com ltd. The Motley Fool Australia has positions in and has recommended Kogan.com ltd. 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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