Why Liontown, ResMed, Santos, and Zip shares are falling today

These ASX shares are ending the week in the red.

| More on:
a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.

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

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:

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.

Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed and Zip Co. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

Frustrated and shocked business woman reading bad news online from phone.
Share Fallers

Why Bannerman Energy, Life360, Strike Energy, and Xero shares are tumbling today

These shares are under pressure on Thursday. But why?

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Share Fallers

Why DroneShield, Neuren, Paradigm, and Pilbara Minerals shares are roaring higher today

These shares are having a strong session on Thursday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Betr, Develop Global, Northern Star, and Paragon Care shares are dropping today

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

Read more »

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

Why APA, DroneShield, EOS, and Woodside shares are tumbling today

These shares are missing out on the good times on Tuesday.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Adairs, ANZ, Aurelia Metals, and Pilbara Minerals shares are falling today

These shares are having a tough start to the week in the red. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why ANZ, Clarity, IGO, and Pilbara Minerals shares are dropping today

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

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Aurelia Metals, Centuria Office, Meeka Metals, and Resolute shares are tumbling today

These shares are having a tough time on Thursday. Let's find out why.

Read more »

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

Why Block, Catalyst Metals, Coronado Global, and Pilbara Minerals shares are falling today

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

Read more »