It has been a great day for the S&P/ASX 200 Index (ASX: XJO. In afternoon trade, the benchmark index is up a sizeable 1.25% to 7,330.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Nuix Ltd (ASX: NXL)
The Nuix share price is down 11% to $2.27. This follows the release of a disappointing trading update from the investigative analytics and intelligence software company this morning. That update reveals the Nuix’s revenue was up 10% during the first four months of FY 2022. However, a jump in costs means that Nuix’s pro forma EBITDA has fallen 27% during the same period.
Resolute Mining Limited (ASX: RSG)
The Resolute share price is down 2.5% to 37 cents. This appears to have been driven by a shift back to risk assets, which is weighing on safe haven assets like gold miners. It isn’t just Resolute falling today. The S&P/ASX All Ordinaries Gold index is down 0.7% at the time of writing.
Talga Group Ltd (ASX: TLG)
The Talga share price has tumbled almost 17% to $1.50. Investors have been selling the battery materials company’s shares after a non-binding Letter of Intent executed with Mitsui & Co and Luossavaara-Kiirunavaraa Aktiebolag expired without a deal being signed. Talga advised that it will continue to pursue existing and new financing and partnership opportunities.
Vection Technologies Ltd (ASX: VR1)
The Vection Technologies share price has crashed 18% to 22.5 cents. This follows the completion of a $12 million equity raising this morning. Those funds were raised a 20 cents per new share, which represents a huge discount of 27% to its last close price. Vection intends to use the funds to support its expansion plans and strengthen its balance sheet. The company also revealed that its managing director is selling 15 million shares.