The S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. In afternoon trade, the benchmark index is up 0.35% to 7,391.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down 2.5% to $85.26. This follows a pullback by the Square/Block share price overnight despite solid gains in the tech sector. As Afterpay has agreed to be acquired by Square in an all-scrip deal, the value of the takeover will rise and fall with its share price.
Bega Cheese Ltd (ASX: BGA)
The Bega share price has sunk 10% to $5.05. Investors have been selling the diversified food company's shares after the release of underwhelming FY 2022 guidance. Bega has provided guidance for normalised EBITDA in the range of $195 million to $215 million. While this will be an increase of 37% to 51% year on year, it was well short of the market's expectations.
FAR Ltd (ASX: FAR)
The FAR share price is down a massive 51% to 36.5 cents. Investors have been selling this energy explorer's shares after its search for oil was fruitless. According to its update, the company has been drilling the Bambo-1ST1 well offshore The Gambia. However, after drilling to a depth of 3317 metres, no live oil columns were found to be present.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is down 2.5% to $58.70. This morning the logistics solutions company announced that its founder and CEO, Richard White, has entered into a transaction involving the sale of 4.3 million WiseTech shares. This equates to approximately 1.3% of the total issued capital of WiseTech.
