In late trade, the S&P/ASX 200 Index (ASX: XJO) looks set to start the week with a decent gain. At the time of writing, the benchmark index is up 0.4% to 7,425 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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Beforepay Group Limited (ASX: B4P)
The Beforepay share price is down 42% to $1.95. This follows the completion of the personal lender's initial public offering (IPO) today. Beforepay raised $35 million at $3.41 per new share. These funds will be used to invest in additional customer acquisition, support growth in cash outs, invest in product and credit model refinements, and explore the viability of overseas opportunities.
Firefinch Ltd (ASX: FFX)
The Firefinch share price is down 1.5% to 73 cents. This appears to have been driven by weakness in the gold price which offset a solid quarterly update. According to the release, Firefinch's quarterly production was 11,115 ounces of gold. This was towards the upper end of its guidance range of 10,000 ounces to 11,500 ounces.
Kogan.com Ltd (ASX: KGN)
The Kogan share price has fallen 3% to $8.00. This follows the release of an update from Wesfarmers Ltd (ASX: WES). That update revealed that Wesfarmers' Catch business delivered first half gross sales growth of just 1%. As Catch and Kogan have previously had similar growth rates, this update may not bode well for the latter's half year results next month.
South32 Ltd (ASX: S32)
The South32 share price is down over 3% to $4.04. This mining giant's shares have fallen today amid weakness in the materials sector. This offset a positive update on its Hermosa project in Arizona, United States. That update revealed that the pre-feasibility study (PFS) for the Taylor Deposit demonstrates potential to establish Hermosa as a globally significant producer of metals critical to a low carbon future.
