In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and charged higher. At the time of writing, the benchmark index is up 0.5% to 7,061.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down 1.5% to $2.93. This follows the release of an update on the Kathleen Valley Lithium Project this morning. That update reveals that Liontown has bumped its total capital costs estimate by 6% or $56 million to $951 million. In addition, it has lifted its 10-year average cash cost (C1) to A$651 per SC6 tonne, excluding royalties. It was previously targeting US$319 (A$496) per tonne.
ResMed Inc (ASX: RMD)
The ResMed share price is down almost 2% to $23.69. This is likely to be from profit-taking from some investors after a strong rebound in recent sessions. Even after today's weakness, the sleep treatment-focused medical device company's shares are up over 11% this week.
Santos Ltd (ASX: STO)
The Santos share price is down 1% to $7.87. This appears to have been driven by a pullback in oil prices overnight. Traders were taking profit on Wall Street on Thursday night after oil prices reached their highest level of the year.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 3.5% to 27 cents. This is despite there being no news out of the buy now pay later provider. This latest decline means that Zip's shares are now down over 60% since this time last year. Next month, the company will be releasing its first-quarter update. This will give investors an idea of whether it will achieve its profitability targets in FY 2024.
