In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form and pushing notably higher. At the time of writing, the benchmark index is up 0.8% to 7,329.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Adriatic Metals (ASX: ADT)
The Adriatic Metals share price is down 16% to $2.80. This morning the base and precious metal explorer announced the completion of a US$52 million placement. These funds were raised at $2.81 per share, which represents a 15.6% discount to its last close price. The company also raised gross proceeds of US$50 million via a conditional equity subscription from Orion Partners.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down 2% to $3.18. Investors have been selling this fund manager's shares this week following another disappointing funds under management (FUM) update. Platinum reported net outflows of $292 million during September.
Redbubble Ltd (ASX: RBL)
The Redbubble share price has crashed over 13% lower to $3.96. This morning the ecommerce company released a first quarter update which revealed a sizeable decline in sales, revenue, and earnings. Redbubble reported a 21% decline in gross transaction value to $142 million and a 28% reduction in marketplace revenue to $106 million. This led to an 85% decline in first quarter EBITDA.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 2% to $3.23. This follows the release of the coal miner's quarterly update this morning. For the three months ended 30 September, the miner's total managed coal sales were down 23% to 4.6 million tonnes. Positively, though, this was offset by a significant increase in thermal and metallurgical coal realised prices during the quarter.
