Why Atlantic Lithium, Bank of Queensland, Brainchip, and Fletcher Building shares are dropping

These ASX shares are having a tough time on hump day. What's getting them down?

| More on:
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.

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 form again on Wednesday. In afternoon trade, the benchmark index is up 0.55% to 7,079.9 points.

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

Atlantic Lithium Ltd (ASX: A11)

The Atlantic Lithium share price is down 3% to 47 cents. This appears to have been driven by profit-taking after a strong gain yesterday following the release of an update on its Ewoyaa lithium project in Ghana. Atlantic Lithium's shares are still up approximately 14% over the last two sessions despite today's weakness.

Bank of Queensland Ltd (ASX: BOQ)

The Bank of Queensland share price is down 6% to $5.42. Investors have been selling this regional bank's shares after it released its FY 2023 results and revealed earnings well short of expectations. Bank of Queensland reported cash earnings of $450 million, which compares to the consensus estimate of $476 million.

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down 15% to 17 cents. This also appears to be due to profit-taking after the meme stock rebounded strongly over the last couple of sessions. Brainchip will be releasing its next quarterly update later this month. Investors will be keen to see if it is still generating less revenue than a café and posting big losses.

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price was down over 2% to $4.45 before being placed in a trading halt. Fletcher Building requested the halt as it prepares to deal with the backlash from complaints relating to the Iplex Australia Pro-fit pipe product. A builder, BGC Australia, plans to hold a media briefing with the findings of an independent expert's investigation into the pipes.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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

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 EML, GQG Partners, IGO, and Integrated Research shares are sinking today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of…

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Bellevue Gold, Mesoblast, Pilbara Minerals, and Wesfarmers shares are dropping today

These shares are ending the week deep in the red. What's going on?

Read more »

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

Why AGL, CBA, Deep Yellow, and Megaport shares are sinking today

These shares are falling more than most today. What's going on?

Read more »

A wide-eyed man peers out from a small gap in his black zipped jumper conveying fear over the weak Zip share price
BNPL shares

Why did the Zip share price just crash 9%?

Investors seem to be singling Zip out for punishment today...

Read more »

a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.
Share Fallers

Why Capricorn Metals, Insignia, Sayona Mining, and Southern Cross Gold shares are falling today

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

Read more »

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

Why Data#3, Elders, Karoon Energy, and Tyro shares are falling today

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

Read more »

A man in a suit looks sad as oil is spilled from a barrel.
Energy Shares

This $1 billion ASX 200 energy stock is diving 7%! Here's why

This ASX energy company is taking a beating on Tuesday. But why?

Read more »

A man looking at his laptop and thinking.
Technology Shares

Why did the Appen share price crash 15% today?

Appen shares remain up more than 250% this year.

Read more »