Why Cettire, Lake Resources, Origin Energy, and Wildcat shares are sinking

The S&P/ASX 200 Index (ASX: XJO) is having a positive afternoon. At the time of writing, the benchmark index is up 0.1% to 7,043.5 points.

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

Cettire Ltd (ASX: CTT)

The Cettire share price is down 15% to $2.92. Investors have been selling this online luxury products retailer's shares after a major shareholder sold down its stake. Cat Rock Capital sold 13.5 million shares at the market close on Wednesday for approximately $44.3 million. This cut its holding from 13.39% to 9.37%.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is down 7% to a new 52-week low of 13 cents. Investors have been selling lithium shares again today amid concerns that prices are going to continue to fall. In addition, earlier today the lithium developer held its annual general meeting and saw its renumeration report dealt a second strike. Fortunately for management, it was able to avoid a board spill vote.

Origin Energy Ltd (ASX: ORG)

The Origin share price is down 2% to $8.22. This morning, this energy giant's board revealed that it has decided that the revised takeover proposal from Brookfield/EIG was not in the best interests of Origin or its shareholders.

Wildcat Resources Ltd (ASX: WC8)

The Wildcat share price is down a further 15% to 66 cents. Investors have been selling this lithium explorer's shares this week following the release of drilling results from the Tabba Tabba Lithium Project, near Port Hedland. It seems that some investors are underwhelmed with the reported lithium grades.

The post Why Cettire, Lake Resources, Origin Energy, and Wildcat shares are sinking appeared first on The Motley Fool Australia.

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 Cettire. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2023