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While the S&P/ASX 200 Index enjoyed a positive start to the week, several ASX-listed shares found themselves in the red, failing to follow the market's upward trend. While the benchmark index gained 0.63% and closed at 7,863.70 on Monday, these four shares experienced notable declines for various reasons.
Core Lithium Ltd (ASX: CXO)
Despite announcing the appointment of a new CEO, the Core Lithium share price plummeted by around 6% and closed at AU$0.155. The company welcomed Paul Brown as its new CEO, effective 04 June 2024. With 25 years of experience in the Australian resources industry, including his current role as CEO of Hastings Technology Metals (ASX: HAS), Brown was chosen for his expertise in lithium mining. The board's emphasis on selecting a CEO with lithium mining experience reflects its commitment to navigating Core's operations in response to the challenging lithium market environment.
Duratec Ltd (ASX: DUR)
Duratec also faced around 6% decline in its share price, closing at AU$1.035. The downfall followed a guidance downgrade. The engineering, construction, and remediation contractor initially targeted revenue of AU$ 570 million to AU$ 610 million and EBITDA of AU$45 million to AU$52 million for FY 2024. However, due to project award delays, Duratec now anticipates lower revenue of AU$550 million to AU$565 million and EBITDA of AU$46 million to AU$48 million.
Galan Lithium Ltd (ASX: GLN)
Galan Lithium experienced a significant 19% drop in its share price to AU$0.235, attributed to a recent equity-raising announcement. The lithium developer secured firm commitments for an equity raising of AU$14 million from institutional, sophisticated, and professional investors at 23 cents per new share. Despite providing financial flexibility for the ongoing development of the Hombre Muerto West (HMW) Phase 1 construction, the offering price represents a 20.7% discount to its last traded share price.
Michael Hill International Ltd (ASX: MHJ)
Investors responded unfavorably to a trading update from jewellery retailer Michael Hill, causing its share price to plummet by around 22% to AU$0.480. The company noted a lack of expected sales momentum in the second half, resulting in sales that are on par with the first half and continued margin pressure. Consequently, the retailer faced a loss in the third quarter, erasing any earnings gains made in the first half.
