In afternoon trade on Thursday the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up 0.2% to 6,794.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
Airtasker Ltd (ASX: ART)
The Airtasker share price has run out of steam and is sinking 17% lower to $1.45. This appears to have been driven by concerns over the valuation of the recently listed online jobs marketplace provider after an incredible rise following its IPO. In fact, even after today's sizeable decline, the Airtasker share price is still up 123% from its listing price of 65 cents.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price has crashed 14% to $13.77 after announcing the termination of its deposit arrangement with Australia and New Zealand Banking GrpLtd (ASX: ANZ). The agreement with ANZ currently provides a margin of 95 basis points above the overnight cash rate. However, this will now end in 12 months. The company is trying to negotiate a new arrangement, but it is unlikely to be on as favourable terms.
Piedmont Lithium Ltd (ASX: PLL)
The Piedmont Lithium share price has sunk over 14% to 94.5 cents. This appears to be a delayed response to its capital raising earlier this week. The lithium developer raised US$122.5 million at a discount of the equivalent of 90.9 Australian cents per share. The company intends to use the net proceeds from the offering to continue the development of the Piedmont Lithium Project, investments, and for working capital purposes.
Resolute Mining Limited (ASX: RSG)
The Resolute Mining share price has plunged 25% lower to 47.2 cents. Investors have been selling the gold miner's shares after it announced that its Bibiani Gold Mine licence in Ghana has been terminated. As a result, Resolute has been advised to cease all activities and operations at the site. The company is currently in the process of selling the asset to Chifeng Jilong Gold Mining. But this news has the potential to scupper the deal.
