Why Infomedia, Megaport, Regis, & WISR shares are sinking

It hasn’t been a good day for these ASX shares…

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Businessman puts hand over eyes on a sinking boat in ocean

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The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Wednesday. In afternoon trade, the benchmark index is up 1% to 7,212.3 points.

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

Infomedia Limited (ASX: IFM)

The Infomedia share price is down 9% to $1.39. This appears to have been driven by profit taking from some investors after a particularly strong gain on Tuesday. The software company’s shares are now trading roughly in line with where they were prior to yesterday’s gain, which was driven by a solid trading update.

Megaport Ltd (ASX: MP1)

The Megaport share price is down 4% to $14.86. While the network as a service company released an investor update this morning, this decline appears to have been driven largely by broad weakness in the tech sector. After all, the S&P/ASX All Technology Index (ASX: XTX) is down just over 1% this afternoon.

Regis Resources Limited (ASX: RRL)

The Regis Resources share price has fallen 3% to $2.58. This follows a slight pullback in the spot gold price overnight. Regis isn’t the only gold miner that is trading lower today. At the time of writing, the S&P/ASX All Ordinaries Gold index is down 0.8%.


The WISR share price has returned from its trading halt and crashed 14% lower to 27.5 cents. This morning the non-bank lender announced the completion of an institutional placement. Wizr raised $50 million (before costs) through an institutional placement. The company raised the funds through the issue of 200 million new ordinary shares at a price of 25 cents each. This represents an 22% discount to its last close price. Management notes that the proceeds will allow Wisr to build a company of significant size, scale and impact in the Australian market.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Infomedia. The Motley Fool Australia has recommended Infomedia and MEGAPORT FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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