In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sold gain. At the time of writing, the benchmark index is up 0.8% to 7,330.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
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Bell Financial Group Ltd (ASX: BFG)
The Bell Financial share price is down 6.5% to $1.67. This follows the release of the financial services company's half year profit guidance. According to the release, Bell Financial is expecting to deliver a first half profit before tax of $24 million. While this is a record, it is just a 3% increase on the prior corresponding period. The market appears to have been expecting better.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 2% to 9.5 cents. This morning the lithium explorer announced the outcome of its share placement. According to the release, Sayona Mining has received strong support to raise $45 million through its placement to institutional and sophisticated investors. These funds will be raised at a 21% discount of 7.5 cents per new share.
Strike Energy Ltd (ASX: STX)
The Strike Energy share price has fallen 6% to 30.5 cents. This is despite the release of a potentially positive announcement this morning. That announcement reveals that Strike has completed production testing at its West Erregulla 4 well. The results from this testing "demonstrate similar productivity characteristics consistent with the regional Permian gas fairway wells from Waitsia and Beharra and supports the progression of the Phase 1 development."
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
The Washington H. Soul Pattinson share price is down 1.5% to $33.09. This morning the investment house said it would support the takeover offer of Australian Pharmaceutical Industries Ltd (ASX: API) by Wesfarmers Ltd (ASX: WES). Some investors may believe that Soul Patts is selling out too cheaply.
