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The S&P/ASX 200 Index experienced another positive session on Thursday, with gains of 52.80 points or 0.68% to 7,821.80. However, several ASX-listed shares faced significant challenges. Let's find the reasons behind their loss:
Core Lithium Ltd (ASX: CXO)
Core Lithium's share price has plummeted by 16% to AU$0.105, despite no significant news from the lithium miner. The broader decline in lithium stocks could be a contributing factor. Additionally, recent analysis suggests a potential sell-off has influenced investor sentiment. Despite this downturn, some analysts believe that the current share price aligns with fair value projections.
SkyCity Entertainment Group Ltd (ASX: SKC)
SkyCity Entertainment's share price has tumbled by 14% to AU$1.38 following a trading and dividend update. The struggling casino and resorts operator revised its FY 2024 net profit after tax guidance downwards and anticipates further earnings declines in FY 2025 due to challenging trading conditions. In response, the company has suspended its dividend until at least FY 2026, reflecting a cautious approach amidst uncertain market conditions.
In summary, while the broader market is experienced positive momentum, certain ASX shares grappled with unique challenges and investor concerns. As market dynamics continue to evolve, investors are advised to carefully assess company-specific developments and broader economic trends to navigate through volatile market conditions effectively.
