The S&P/ASX 200 Index (ASX: XJO) is on track to start the week in sensational form. In afternoon trade, the benchmark index is up 2% to 6,708.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is down 21% to $2.68. This follows the release of a particularly bleak business update. The gold miner's update reveals yet another production guidance downgrade for FY 2022, higher cost expectations, and reductions to its near term production growth guidance.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is down 5% to $21.90 despite there being no news out of the gold miner. It's possible that Evolution's update has hit sentiment in the industry hard. In addition, improving risk sentiment appears to have led to investors switching out of safe haven assets and back into risk assets. The S&P/ASX All Ordinaries Gold index is down 6.8% this afternoon.
OZ Minerals Limited (ASX: OZL)
The OZ Minerals share price is down 3.5% to $18.50. This morning the copper producer lowered its FY 2022 production guidance and lifted its cost guidance due partly to COVID labour shortages. In respect to the former, OZ Minerals' Carrapateena copper production guidance has been lowered by approximately 13%.
Zip Co Ltd (ASX: ZIP)
The Zip share price has dropped 3.5% to 51.7 cents. This decline may have been driven by profit taking from traders after a strong gain at the end of last week. The Zip share price jumped approximately 20% on Friday after improving investor sentiment sent a number of beaten down ASX shares hurtling higher.
