In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,391.8 points.
Four ASX shares that have failed to climb with the market today are listed below. Here's why they are falling:
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BHP Group Ltd (ASX: BHP)
The BHP share price is down over 1.5% to $38.57 following the release of its first quarter update. BHP had a tough quarter operationally, which led to production declines across a range of key commodities including iron ore and copper. However, management remains positive on its outlook and has reaffirmed its FY 2022 production guidance.
Propel Funeral Partners Ltd (ASX: PFP)
The Propel Funeral Partners share price has tumbled 5% to $4.20. Investors have been selling this funeral company's shares after it completed its $52.2 million institutional placement. A total of 12.25 million new shares will be issued to new and existing institutional shareholders at $4.10 per share. This represents a 7.2% discount to its last close price. The funds will be used to pay down debt and pursue further growth initiatives and acquisitions.
Silver Lake Resources Limited (ASX: SLR)
The Silver Lake share price is down 3% to $1.58. This is despite the release of a solid quarterly update by the gold miner this morning. Following the strong quarter, Silver Lake advised that it is positioned to deliver its FY 2022 sales guidance. This is for 235,000 to 255,000 ounces of gold and 600 to 1,000 tonnes of copper at an AISC range of A$1,550 to A$1,650 per ounce. Some investors may have been expecting even better.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price is down over 2.5% to $5.09. This follows the release of the gaming company's AGM update. At the meeting, Tabcorp revealed that lockdowns have negatively impacted the company's performance during the quarter. Tabcorp's group revenue fell 7% compared to the prior corresponding period. This was driven partly by a 19% decline in Keno revenue.
