In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to keep its winning streak alive. At the time of writing, the benchmark index is up a fraction to 7,515.1 points.
Four ASX shares that are weighing on the market today are listed below. Here's why they are dropping:
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Adriatic Metals (ASX: ADT)
The Adriatic Metals share price is down almost 8% to $3.25. This follows the release of the initial production guidance of the Vares Silver Project in Bosnia and Herzegovina. It is forecasting production of 240-300kt for 2024, then 750-850kt for 2025, and finally 800-900kt for 2026 onwards.
Chrysos Corporation Ltd (ASX: C79)
The Chrysos share price is down 6.5% to $7.13. This morning, the mining technology company released its quarterly update. It revealed revenue of $10.1 million for the three months. This represents a 13% increase quarter on quarter and a 57% jump year on year. It seems that some investors were expecting even stronger growth.
Coronado Global Resources Inc (ASX: CRN)
The Coronado share price is down 4% to $1.61. This may have been driven by the release of a broker note out of Ord Minnett. Its analysts have downgraded the coal miner's shares to a hold rating with a trimmed price target of $1.80.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down 34% to $2.87. Investors have been selling this infection prevention company's shares following the release of a disappointing update. Nanosonics revealed that it has continued to experience ongoing uncertainty associated with the impact on the timing of capital unit sales due to hospital capital budgetary pressures. In light of this, its first half profit before tax is expected to be just $4.9 million. This is less than half of what was recorded a year ago.
