In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has defied weakness on Wall Street and is on course to record a solid gain. At the time of writing, the benchmark index is up 0.7% to 6,791.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
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Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is down 9% to $5.64. This is despite there being no news out of the rare earth producer today. However, this morning, one of its rivals announced a major capital raising. Australian Strategic Materials Ltd (ASX: ASM) hasn't revealed what it is raising the money for, but it could be to fund its Dubbo Project in New South Wales. The company has previously stated its ambition to develop the Dubbo Project to supply globally significant quantities of zirconium and rare earth materials.
Oil Search Ltd (ASX: OSH)
The Oil Search share price has fallen 3% to $4.13. Investors have been selling Oil Search and other energy producer shares on Wednesday following a sizeable pullback in oil prices overnight. Both WTI and Brent crude oil dropped 6% amid concerns over demand for oil following further lockdowns in Europe.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price is down 3% to $1.80. This appears to have been driven by profit taking following a sharp rise on Tuesday. The Pushpay share price jumped 11% yesterday after announcing a new cornerstone investor. US investment company Sixth Street has purchased the Huljich family's remaining stake in the donation and engagement platform company. Sixth Street will have a 17.8% interest in Pushpay once the deal completes next week.
Webjet Limited (ASX: WEB)
The Webjet share price has dropped 4% to $5.70. A number of travel stocks are trading lower again on Wednesday. This may be due to concerns over the floods in New South Wales and Queensland and further lockdowns in Europe to combat a third wave of COVID-19.
