The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is charging higher. In afternoon trade, the benchmark index is up 0.75% to 7,311.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price is down 5% to $40.14. This is despite there being no news out of the biopharmaceutical company. However, its shares are up 75% in 2021 even after this decline. In light of this, some investors could potentially be taking a bit of profit off the table today.
EML Payments Ltd (ASX: EML)
The EML Payments share price is down 15% to $3.15. Investors have been selling this payments company's shares following an update on regulatory action by the Central Bank of Ireland (CBI). According to the release, the CBI is planning to take action against its PFS Card Services (Ireland) business. Management has warned that the potential directions "could materially impact the European operations of the Prepaid Financial Services (PFS) business."
Regal Investment Fund (ASX: RF1)
The Regal Investment share price has fallen 4% to $4.29. This morning the company announced that it has raised $97.9 million via an institutional entitlement offer. These funds were raised at $3.79 per new share, which represents a 15% discount to its last close price.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price has continued its slide and is down a further 4.5% to $3.19. Investors have been selling this coal miner's shares this week after thermal coal prices weakened. According to CommSec, on Wednesday night the thermal coal price fell a sizeable 10.2% to US$242.00 per tonne. It then followed this up with 4.2% decline to US$231.90 per tonne during overnight trade.
