The S&P/ASX 200 Index (ASX: XJO) has fought back from a tough start and is now in positive territory. At the time of writing, the benchmark index is up slightly to 8,290.2 points.
Four ASX shares that are weighing on the index today are listed below. Here's why they are starting the week in the red:
Life360 Inc (ASX: 360)
The Life360 share price is down 5% to $21.60. This has been driven by news that the location technology company's founder and CEO has been selling down his holding. The company advised that Chris Hulls has sold 863,903 shares or 1.2% of total outstanding shares. He commented: "I have previously indicated my desire to diversify my financial holdings – as a founder, I have been with the Company for 17 years and I have a significant majority of my wealth associated with Life360 – and these transactions reflect that plan."
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down over 5% to $27.54. Investors have been selling this fashion jewellery retailer's shares after it was downgraded by analysts at Citi. In response to a slower than expected store rollout in FY 2025, the broker has downgraded Lovisa's shares to a sell rating from neutral with a reduced price target of $25.05.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 1% to $38.85. This morning, this big four bank was hit with legal action from ASIC. The corporate regulator's chair, Joe Longo, said: "We allege NAB unlawfully failed to respond to their customers' appeal for help when they needed them most. These customers included people who were domestic violence victims, battling serious medical conditions, dealing with business closures or job loss. NAB's failures likely compounded the already challenging situation for these people."
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is down almost 4% to 38.7 cents. This follows the release of an update from the gold miner in relation to ongoing discussions with the Government of Mali. The company advised that it has signed a protocol that sets the framework for further detailed discussions with the Government regarding the long-term future of the operations in Mali. This includes the migration of the company's assets in Mali to the 2023 Mining Code and maintaining the safety of the company's employees. Resolute also advised that it is working on the release of three detained employees, including CEO Terence Holohan.
The post Why Life360, Lovisa, NAB, and Resolute shares are falling today appeared first on The Motley Fool Australia.
Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro has positions in Life360 and Lovisa. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Life360 and Lovisa. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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