Why Karoon Energy, Mesoblast, Mineral Resources, and Sigma shares are falling today

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

| More on:
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

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) is back on form and on course to record a decent gain. At the time of writing, the benchmark index is up 0.5% to 8,215.4 points.

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

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price is down 3% to $1.55. Investors have been selling Karoon Energy and other ASX 200 energy shares today after oil prices sank overnight. According to Bloomberg, the WTI crude oil price was down 4.25% to US$73.87 a barrel and the Brent crude oil price was down 4.25% to US$77.48 a barrel. Traders were taking profit after Israel didn't immediately retaliate against Iran. At the time of writing, the S&P/ASX 200 Energy index is down almost 1.5%.

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is down 3.5% to $1.41. With no news out of the biotechnology company today, this decline is likely to have been driven by profit taking from some investors. After all, the Mesoblast share price has been on fire in recent weeks. So much so, its shares remain up over 50% since this time last month despite today's weakness. Investors appear to have been buying the company's shares on the belief that the US FDA will give its stem cell therapy the thumbs up in the near future. This follows years of knock-backs from the regulator.

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is down 7% to $47.77. This is despite there being no news out of the mining and mining services company today. However, it is worth noting that most lithium stocks are under pressure on Wednesday. This is possibly due to profit taking after strong gains were recorded in recent weeks. The shares of fellow lithium miners Pilbara Minerals Ltd (ASX: PLS) and Liontown Resources Ltd (ASX: LTR) are both down 3.5% at the time of writing.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price is down 5% to $1.90. This may also be a case of profit taking. Investors have been bidding the pharmacy chain operator and wholesaler's shares higher after it offered to make court-enforceable undertakings to help get its Chemist Warehouse acquisition over the line. The gains have been so strong that Sigma Healthcare's shares remain up 33% since 30 September despite today's pullback.

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

Bored man sitting at his desk with his laptop.
Share Fallers

Why Catalyst Metals, Duratec, Nufarm, and Rio Tinto shares are dropping today

These shares are ending the week in the red. 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 Dexus, Mayne Pharma, Nufarm, and Treasury Wine shares are falling today

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

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why James Hardie, Mayne Pharma, Nufarm, and Resimac shares are falling today

These shares are having a tough time on hump day. 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 Kogan, Monash IVF, OFX, and ResMed shares are falling today

Why are these shares taking a tumble today? Let's find out.

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why Appen, DroneShield, Gentrack, and New Hope shares are dropping today

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

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Dexus, Dusk, Fletcher Building, and Paladin Energy shares are falling today

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

Read more »

Couple look at a bottle of wine while trying to decide what to buy.
Consumer Staples & Discretionary Shares

Treasury Wine shares: Buy, hold, or sell? Here's Macquarie's take

What is Macquarie forecasting for Treasury Wine shares amid the CEO’s unexpected exit?

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 Newmont, NRW, Peet, and Treasury Wine shares are dropping today

Let's find out why investors are selling down these shares on Thursday.

Read more »