In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with another solid gain. At the time of writing, the benchmark index is up 0.5% to 7,297.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:
Appen Ltd (ASX: APX)
The Appen share price is down 6% to $12.29. This appears to have been driven by weakness in the tech sector and news that the artificial intelligence data services company’s CEO, Mark Brayan, has sold 109,430 Appen shares. Mr Brayan received a total consideration of $1.43 million for the shares. However, it is worth noting that the sale was made to satisfy tax obligations arising from the vesting of 173,153 performance rights.
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price has fallen 7.5% to $1.80. Investors have been selling Ramelius and other gold mining shares on Friday after the spot gold price fell almost 2% during overnight trade. This was driven by the strengthening of the US dollar. The S&P/ASX All Ords Gold index is down a disappointing 3.5% at the time of writing.
Reject Shop Ltd (ASX: TRS)
The Reject Shop share price has sunk 10% to $5.70. This discount retailer’s shares have been sold off today following the release of a disappointing trading update. Reject Shop has been battling weak sales and higher costs because of challenges in the international supply chain. As a result, it expects to post full year earnings before interest and tax (EBIT) of $8 million to $10 million. This compares to its first half EBIT of $23.3 million.
Sezzle Inc (ASX: SZL)
The Sezzle share price is down 5% to $8.75. This decline appears to be due to a combination of weakness in the tech sector and profit taking after an exceptionally strong gain on Thursday. The buy now pay later provider’s shares rocketed higher yesterday after announcing a deal with US retail giant Target.