Why Mineral Resources, Paladin Energy, Regis, and Smartgroup are sinking

These ASX shares are falling on Tuesday…
The post Why Mineral Resources, Paladin Energy, Regis, and Smartgroup are sinking appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) has given back the majority of its intraday gains and is on course to record a very small gain. At the time of writing, the benchmark index is up slightly to 7,443.4 points.

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

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price is down 7% to $39.85. This follows the release of a disappointing first quarter update from the mining and mining services company. As well as reporting a sharp decline in the price of its iron ore, the company produced and shipped less lithium than the previous quarter. Production from Mt Marion was down 13% and shipments were 54% lower. This was due to rainfall and shipment delays.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price has fallen 5% to 91.7 cents. This appears to have been driven by a pullback in the uranium price. According to CommSec, the weekly uranium price is down US$4.00 or 9.7% to US$37.25 per pound.

Regis Resources Limited (ASX: RRL)

The Regis Resources share price has dropped 5% to $2.16. Investors have been selling this gold miner’s shares following the release of its first quarter update. Regis reported gold production of 101,989 ounces for the three months, down 11% from the previous quarter. This lower production led to Regis’ all-in sustaining cost (AISC) rising 9.7% to $1,521 per ounce.

Smartgroup Corporation Ltd (ASX: SIQ)

The Smartgroup share price is down a further 3% to $8.08. Investors have been selling this fleet management and salary packaging company’s shares this week after takeover talks with the TPG Global and Potentia Capital consortium collapsed. After a period of due diligence, the consortium withdrew its $10.35 per share offer and then made a lower offer of $9.25 per share. This was swiftly rejected by the Smartgroup Board.

The post Why Mineral Resources, Paladin Energy, Regis, and Smartgroup are sinking appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Mineral Resources (ASX:MIN) share price slumps 7% on quarterly update

ASX 200 (ASX:XJO) midday update: Crown and Pilbara Minerals surge higher

Why ASX lithium shares are surging higher on Tuesday

Regis Resources (ASX:RRL) share price drops on quarterly update

Here are the top 10 ASX shares today

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 owns shares of and has recommended SMARTGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!