The S&P/ASX 200 Index (ASX: XJO) is fighting back from yesterday's selloff and is on course to record a small gain. In afternoon trade, the benchmark index is up 0.15% to 7,715.7 points.
Four ASX shares that are holding back the market today are listed below. Here's why they are dropping:
BHP Group Ltd (ASX: BHP)
The BHP share price is down 1% to $42.48. Investors have been selling BHP and other miners today following a sharp pullback in the iron ore price overnight. Concerns over demand from China weighed on the price of the steel making ingredient.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 2.5% to 36 cents. This may have been driven by profit taking from day traders following a series of strong gains from the semiconductor company's shares. Brainchip's shares remain up 40% since this time last month despite a recent pullback.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 11% to 10.2 cents. This morning, the struggling lithium developer announced the completion of an institutional placement. It has received firm commitments to raise $15 million at 7 cents per new share. This represents a 39.1% discount to where its shares last traded. These funds will be used for working capital purposes while it aims to complete its ongoing strategic partnership process.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is down 7% to $5.60. This has been driven by the coal miner's shares going ex-dividend this morning for its latest payout. Eligible shareholders can now look forward to receiving its fully franked 32.5 cents per share final dividend next month on 30 April. This equates to a 5.4% dividend yield based on its last close price.
