The S&P/ASX 200 Index (ASX: XJO) is on course to start the new year with a strong gain. In afternoon trade, the benchmark index is up 1.65% to 7,567.7 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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Elixir Energy Ltd (ASX: EXR)
The Elixir Energy share price is down 12% to 18 cents following the completion of its drilling program in Mongolia. Investors may be disappointed with the result of the Bag-1S exploration well. The release reveals that drilling reached a total depth of 779 metres but did not intersect coal.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 2.5% to $8.58 despite there being no news out of the ecommerce company. However, Kogan remains one of the most shorted shares on the Australian share market. It appears as though short sellers don't believe the company will bounce back from its terrible performance in 2021 in a hurry.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 3.5% to $1.41. This follows weakness in the gold price overnight after investors rotated back into equities amid improving risk sentiment. It isn't just St Barbara's shares that are falling today. The S&P/ASX All Ordinaries Gold index is down 0.25% at the time of writing.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 2% to $4.24. This is despite there being no news out of the buy now pay later provider. However, it is worth noting that overnight on Wall Street's Nasdaq index, the Affirm share price tumbled a disappointing 5%. It looks as though investors are continuing to be wary about the buy now pay later sector amid potential regulatory scrutiny in the United States.
