The (ASX: XJO) is on track to end the week in a positive fashion. In afternoon trade, the benchmark index is up 0.45% to 7,663.
1 points. Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling: ( ) The Core Lithium share price is down 3.
5% to 13 cents. This is despite there being no news out of the struggling lithium miner on Friday. However, it is worth noting that Goldman Sachs the company's shares to sink a further 15% from where they currently trade to 11 cents.
This is despite the Core Lithium share price already losing almost 90% of its value since this time last year. ( ) The Fortescue share price is down 2% to $24.28.
This may have been driven by weakness in the iron ore price overnight. According to CommSec, the iron ore price fell in response to "fears of falling demand in China over the remainder of the year after Beijing reiterated its stance on continuing to control crude steel output in 2024." In addition, as highlighted in , a large number of brokers believe that this mining giant's shares are severely overvalued at current levels.
This could also be weighing on its shares today. ( ) The Peter Warren Automotive share price is down a further 2.5% to $1.
75. This automotive retailer's shares have been sold off this week after it released disappointing earnings guidance. Although revenue has continued to grow, the company now expects its underlying profit before tax for FY 2024 to be in the range of $52 milli.
