In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to continue its winning run. At the time of writing, the benchmark index is up 0.3% to 7,258 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 2% to $1.42. A number of lithium miners are trading lower on Thursday. This may be due to concerns over soaring COVID cases in China. Investors may fear that this could put pressure on short term battery materials demand and therefore lithium prices.
Invictus Energy Ltd (ASX: IVZ)
The Invictus Energy share price is down 14% to 27 cents. This morning this energy explorer released an update on drilling at the Mukuyu-1 well in Zimbabwe's Cabora Bassa Basin. Invictus Energy revealed that after reaching its target depth, a deterioration in borehole conditions meant its tools were unable to reach where the primary fluid sampling targets are located. As a result, the decision has been made to sidetrack the Mukuyu-1 well.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down 7% to $5.52. Investors have been selling New Hope's shares following the release of its quarterly update. That update revealed a 167% increase in underlying EBITDA to $648.1 million. This was driven by record thermal coal prices. The result would have been stronger but for a 10.4% decline in production quarter on quarter.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price is down 2.5% to $4.64. This morning analysts at Macquarie downgraded the salary packaging company's shares to a neutral rating and slashed their price target to $4.75 following yesterday's guidance downgrade.
