While the S&P/ASX 200 Index is on track to register a slight gain in afternoon trade, a handful of ASX-listed shares find themselves under pressure, failing to mirror the broader market's trajectory. The benchmark index is presently up by a modest 0.1%, reaching 6,986.2 points.
BHP Group Ltd (ASX: BHP)
BHP Group shares have experienced a 2.5% decline, settling at $44.41. This downturn comes in the wake of a challenging session for mining stocks, prompted by a retreat in commodity prices overnight. Lingering concerns surrounding weak global economic data have raised uncertainties about future demand, subsequently exerting downward pressure on prices.
Jupiter Mines Ltd (ASX: JMS)
Jupiter Mines has seen its share price dip by 2.5% to 18.5 cents. This development follows the release of an update regarding its entry strategy into the EV Battery Market. Even though significant progress is made, there is still a substantial distance to cover. The company stated,
Karoon Energy Ltd (ASX: KAR)
Karoon Energy's share price fell by 3% to $2.33. This decline appears to be the result of a retreat in oil prices overnight, a consequence of the aforementioned weak global economic data. Additionally, a notable increase in U.S. crude supplies has dampened market sentiment. Collectively, these factors have led to oil prices falling to their lowest levels since July.
Newmont Corporation (ASX: NEM)
Newmont Corporation has witnessed a 4% decrease in its share price, now standing at $56.26. Investors have been offloading Newmont and other ASX-listed gold shares today in response to the decline in the precious metal's price. This drop is attributed to waning demand for safe haven assets. The S&P/ASX All Ordinaries Gold index also experienced a 2.4% dip this afternoon.
As these ASX-listed companies face downward pressure, investors are closely monitoring market dynamics and global economic indicators for signs of a potential turnaround in their fortunes.