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%.
WISR Ltd (ASX: WZR)
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.