Why Lake Resources, Ramelius, Telix, & Transurban shares are falling

These ASX shares are out of form on Thursday…

| More on:
A man stands in front of a chart with an arrow going down and slaps his forehead in frustration.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is on track to record a stellar gain on Thursday. In late afternoon trade, the benchmark index is up 1.1% to 7,376.4 points.

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

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is down 4% to 58.5 cents. This decline appears to have been driven by profit taking after a strong gain on Wednesday. Investors were scrambling to buy this lithium developer's shares following the announcement of a partnership with Lilac Solutions. According to the release, the partnership is for technology and funding to develop Lake's Kachi Lithium Brine Project in Argentina.

Ramelius Resources Limited (ASX: RMS)

The Ramelius share price is down 2.5% to $1.38. Investors have been selling Ramelius and other gold miners today after investor sentiment improved greatly and reduced the appeal of safe haven assets. This follows yesterday's news that Chinese property giant Evergrande has staved off defaulting by agreeing to make a bond repayment.

Telix Pharmaceuticals Ltd (ASX: TLX)

The Telix share price is down 5% to $6.48. This radiopharmaceutical company's shares have come under pressure today following an update on its prostate cancer imaging investigational product, Illuccix. According to the release, the US Food and Drug Administration's (FDA) has extended its review period by 3 months. This is to allow the regulator time to further review a few items.

Transurban Group (ASX: TCL)

The Transurban share price is down almost 1.5% to $14.00. This morning the toll road operator completed the institutional component of its equity raising. Transurban has raised $2.9 billion at an 8.3% discount of $13.00 per share. Management advised that the offer attracted strong demand from institutional shareholders, with approximately 93% of eligible entitlements taken up. Transurban is raising funds to acquire the remaining stake in WestConnex.

Motley Fool contributor James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Block, Corporate Travel Management, Judo, and Zip shares are sinking today

These shares are missing out on the good times on Friday. But why?

Read more »

Man with a hand on his head looks at a red stock market chart showing a falling share price.
Share Fallers

These were the worst-performing ASX 200 shares in April

These shares were out of form last month. But why?

Read more »

Man waiting for his flight and looking at his phone.
Travel Shares

Corporate Travel shares crash 11% as Trump tariffs bite

Trump’s tariffs are roiling Corporate Travel shares on Friday.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Brainchip, DroneShield, Resolute Mining, and Woodside shares are falling today

These shares are under pressure on Thursday. What's going on?

Read more »

Man with a hand on his head looks at a red stock market chart showing a falling share price.
Share Fallers

Why Appen, Bank of Queensland, Novonix, and Ora Banda shares are falling today

These shares are having a tough time on hump day. But why?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Brainchip, Catalyst Metals, Northern Star, and Pact Group shares are tumbling today

These shares are having a tough time on Tuesday. But why?

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Share Fallers

Why Brambles, Bravura, Pantoro, and Telix shares are sinking today

These shares are starting the week in the red. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why DroneShield, Generation Development, Oneview, and PWR shares are falling today

These shares are ending the week in the red. But why?

Read more »