In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.25% to 7,199 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 12% to $5.68. Investors appear disappointed that the mineral exploration companyâs scoping study has been delayed. Chalice advised that a revised study completion timeline will be determined once the mineral resource is updated in late Q1 of 2023.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 3.5% to $20.38. Fortescue and other mining giants have come under pressure today after the iron ore price pulled back overnight. The spot iron ore price dropped almost 2% to US$110.25 a tonne. This has led to the S&P/ASX 200 Materials index falling 1.1% this afternoon.
Mincor Resources NL (ASX: MCR)
The Mincor share price is down 6% to $1.49. This morning the nickel explorer announced the successful completion of a $55 million institutional placement. These funds were raised at $1.39 per new share, which represents a 12.3% discount to its last close price. The proceeds will be used to accelerate underground development at the Northern Operations and accelerate underground exploration and drilling at its new Cassini Operation.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down almost 8% to 66 cents. This follows news that the buy now pay later provider has raised $13.6 million from institutional investors at a 13.2% discount of 62 cents per new share. Zip advised that the proceeds will be used to fund the conversion of some of its notes earlier than planned. In other news, management revealed that trading has been in line with expectations so far in FY 2023.
The post Why Chalice Mining, Fortescue, Mincor, and Zip shares are dropping today appeared first on The Motley Fool Australia.
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More reading
- Why is the Fortescue share price tanking on Tuesday?
- Why is the Zip share price sinking 8% today?
- Why this one top fund manager is optimistic about 2023, and one little-known IPO that has hit it out of the park
- Here are the 10 most shorted ASX shares
- Could the VAS ETF outperform the BHP share price in 2023?
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 positions in and has recommended Zip Co. 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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