Why IGO, Neometals, Pantoro, and Star shares are sinking today

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

| More on:
Group of stressful businesspeople having problems. sittong around a desk.

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 course to start the week with a decline. In afternoon trade, the benchmark index is down 0.5% to 6,792.9 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:

IGO Ltd (ASX: IGO)

The IGO share price is down 9.5% to $9.63. Investors have been selling this battery materials producer's shares following the release of its quarterly update. Although it reported record free cash flow for the quarter, management warned that the current quarter could be tough due to volatility in the lithium market.

Neometals Ltd (ASX: NMT)

The Neometals share price is down 22% to 24.5 cents. This morning, this battery materials recycler revealed that it will not proceed with the construction of a vanadium recovery facility in Finland. It said: "Despite the potential lowest-quartile operating cost and low-carbon footprint, the state of the global financial markets dictate that the Company preserves its cash balance and not contribute further material funding to VRP1 evaluation activities."

Pantoro Ltd (ASX: PNR)

The Pantoro share price is down almost 28% to 2.9 cents. This follows the release of the gold miner's quarterly update. Although production at its Norseman operation is continuing to improve, investors appear alarmed by its cash burn. Pantoro ended the period with cash and gold of $35 million, down from $46.7 million three months ago. That's despite raising $30 million during the quarter.

Star Entertainment Group Ltd (ASX: SGR)

The Star share price is down 9% to 54 cents. Investors appear concerned by proposed reforms to Queensland casino regulations. The proposed reforms include the introduction of mandatory carded play, cash and time play limits, restrictions on the use of cash, mandatory player pre-commitment restrictions on expenditure by customers for certain games and activities and a supervisory levy payable by casino licence holders.

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 Dateline, DroneShield, Ora Banda, and Pilbara Minerals shares are dropping today

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

Read more »

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

Why Qantas, Resimac, Tyro, and Soul Patts shares are falling today

These shares are having a tough session today. But why?

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why Betr, Evolution, NIB, and West African Resources shares are falling today

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

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Elders, IDP Education, Life360, and Pilbara Minerals shares are falling today

Let's see why investors are selling these shares.

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

The 5 worst performing ASX 200 shares in May unmasked

These five ASX 200 shares got smashed in May. But why?

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why Brazilian Rare Earths, Mineral Resources, Pilbara Minerals, and Syrah shares are falling

Why are these shares starting the week in the red?

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 Brainchip, Findi, Lottery Corp, and REA shares are falling today

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

Read more »

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

Why ALS, Black Cat, Boss Energy, and Soul Patts shares are falling today

These shares are falling on Thursday. Let's find out why.

Read more »