The S&P/ASX 200 Index (ASX: XJO) is on form on Tuesday and charging higher. In afternoon trade, the benchmark index is up 0.6% to 7,436.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price has fallen 5% to $6.08. Investors have been selling this embattled infant formula company’s shares this week amid concerns over potential regulatory changes in China. This follows sweeping changes to a range of other sectors recently. There are fears that the government may look to favour domestic producers over brands like a2 Milk.
Aurelia Metals Ltd (ASX: AMI)
The Aurelia Metals share price has crashed 16% to 40.5 cents. This is despite the gold miner delivering on its production guidance and beating its cost guidance in FY 2021. Investors may be disappointed with its outlook, which is guiding to a large increase in costs in FY 2022. Its all-in sustaining cost (ASIC) is expected to be $1,500 to $1,700 per ounce of gold, compared to $1,337 per ounce in FY 2021.
Dubber Corp Ltd (ASX: DUB)
The Dubber share price has fallen 5.5% to $3.02 after returning from its trading halt. This morning the call recording technology company announced the successful completion of its $110 million capital raising. Dubber raised the funds through an institutional placement at $2.95 per share. This represents a discount of 7.8% to its last close price. The proceeds will be used to accelerate its growth objectives and advance M&A opportunities.
Freelancer Ltd (ASX: FLN)
The Freelancer share price has sunk 16% to 95 cents following the release of its first half results. The freelance and outsourcing marketplace provider reported a 5.7% decline in half year revenue to $27.8 million. This ultimately led to a $1.6 million operating loss after tax and weaker cash flows.