The S&P/ASX 200 Index (ASX: XJO) is on track to record a stellar gain on Thursday. In late afternoon trade, the benchmark index is up 1.1% to 7,376.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 4% to 58.5 cents. This decline appears to have been driven by profit taking after a strong gain on Wednesday. Investors were scrambling to buy this lithium developer’s shares following the announcement of a partnership with Lilac Solutions. According to the release, the partnership is for technology and funding to develop Lake’s Kachi Lithium Brine Project in Argentina.
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price is down 2.5% to $1.38. Investors have been selling Ramelius and other gold miners today after investor sentiment improved greatly and reduced the appeal of safe haven assets. This follows yesterday’s news that Chinese property giant Evergrande has staved off defaulting by agreeing to make a bond repayment.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down 5% to $6.48. This radiopharmaceutical company’s shares have come under pressure today following an update on its prostate cancer imaging investigational product, Illuccix. According to the release, the US Food and Drug Administration’s (FDA) has extended its review period by 3 months. This is to allow the regulator time to further review a few items.
Transurban Group (ASX: TCL)
The Transurban share price is down almost 1.5% to $14.00. This morning the toll road operator completed the institutional component of its equity raising. Transurban has raised $2.9 billion at an 8.3% discount of $13.00 per share. Management advised that the offer attracted strong demand from institutional shareholders, with approximately 93% of eligible entitlements taken up. Transurban is raising funds to acquire the remaining stake in WestConnex.