These ASX shares are having a bad day…
The post Why Aurizon, Brainchip, Ramelius, & Transurban shares are dropping appeared first on The Motley Fool Australia. –
In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.3% to 7,559.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Aurizon Holdings Ltd (ASX: AZJ)
The Aurizon share price is down 3.5% to $3.99. This appears to have been driven by a broker note out of Morgan Stanley. According to the note, the broker has downgraded the rail freight operator’s shares to an underweight rating and lowered their price target on them to $3.92. The broker made the move on the belief that its exposure to fossil fuels will impact investor appeal.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price has dropped 4% to 52.5 cents. This is despite there being no news out of the artificial intelligence technology company. However, its shares inexplicably rocketed higher yesterday, so today’s decline could be due to profit taking from some investors.
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price has tumbled 6% to $1.51. Investors have been selling the gold miner’s shares following another pullback in the spot gold price overnight. Traders have been selling the precious metal amid concerns that strong US economic data will see the Federal Reserve taper sooner than expected. The S&P/ASX All Ordinaries Gold index is down 1.6% today.
Transurban Group (ASX: TCL)
The Transurban share price is down almost 3% to $13.64. This may have been driven by a mixed broker note out of Citi. Although Transurban delivered a result in line with expectations, the recent lockdowns have impacted the company more than Citi was anticipating. This led to the broker lowering its estimates, holding firm with its neutral rating, and cutting its price target to $13.85.
The post Why Aurizon, Brainchip, Ramelius, & Transurban shares are dropping appeared first on The Motley Fool Australia.
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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 recommended Aurizon Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.