Why Chalice Mining, GUD, Integral Diagnostics, & PointsBet are dropping

These ASX shares are in the red today…

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The S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. In afternoon trade, the benchmark index is up a decent 0.4% to 7,502 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is down 6% to $7.20. This is despite there being no news out of the gold explorer. However, it is worth noting that its shares are up 575% over the last 12 months. It’s possible that profit taking is weighing on them today.

GUD Holdings Limited (ASX: GUD)

The GUD share price is down 3.5% to $11.69. This follows the release of the diversified products company’s full year results. Although GUD delivered an EBIT result ahead of its guidance, its outlook for FY 2022 appears to have spooked investors. Management advised that it couldn’t provide guidance for the year ahead due to volatile trading conditions relating to recent lockdowns.

Integral Diagnostics Ltd (ASX: IDX)

The Integral Diagnostics share price has fallen 3.5% to $5.13. This appears to have been driven by an announcement that reveals that Chief Financial and Commercial Officer, Anne Lockwood, is resigning after two years in the role. Mrs Lockwood will be stepping down from the role in December. She is resigning because she wants to pursue new executive opportunities.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is down a further 3% to $9.45. This sports betting company’s shares have come under pressure this week after completing its institutional placement and entitlement offer. PointsBet has raised $81 million at $8.00 per share and a further $215.1 million at $10.00 per share. It will now push ahead with its retail entitlement offer. These funds will be used to support North American marketing and client acquisition, technology and product development, and US market access and government licensing fees.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Integral Diagnostics Ltd and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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