In afternoon trade on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is off its intra-day highs but up 0.2% to 7,346.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
Alkane Resources Limited (ASX: ALK)
The Alkane Resources share price is down 8% to $1.13. This is despite there being no news out of the gold miner. However, with its shares up strongly over the last few months, today’s decline could be due to profit taking from some investors. The Alkane Resources share price is still up a decent 16% year to date.
Carsales.Com Ltd (ASX: CAR)
The Carsales share price is down 2% to $21.13. This decline may be due to news that fellow auto listings company iCar Asia Ltd (ASX: ICQ) has received a takeover approach today. Carsales has been touted as a potential suitor of iCar Asia numerous times over the last few years. Investors may be disappointed that it missed out.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down 8% to $4.23. This follows the release of another disappointing funds under management update. That update revealed yet another decline in Platinum’s funds under management during the month of June. In addition to this, the fund manager advised that it expects to generate performance fees of just $0.3 million during the second half.
Stockland Corporation Ltd (ASX: SGP)
The Stockland share price is down 2% to $4.50. A number of real estate companies have come under pressure today. This is possibly due to concerns over the impact that COVID-19 lockdowns will have on their businesses. The S&P/ASX 200 Real Estate index is down 0.35% this afternoon.