The S&P/ASX 200 Index (ASX: XJO) is rebounding on Friday. In afternoon trade, the benchmark index is up 1.05% to 7,138.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Australian Vanadium Ltd (ASX: AVL)
The Australian Vanadium share price is down 12% to 5 cents. This has been driven by the completion of the vanadium developer’s equity raising this morning. Australian Vanadium has raised a total of $20 million from institutional, professional, and sophisticated investors at a 17% discount of 4.7 cents per new share. The proceeds will be used primarily to finance ongoing work at the company’s Australian Vanadium Project.
Johns Lyng Group Ltd (ASX: JLG)
The Johns Lyng share price is down almost 4% to $5.99. This follows news that the building services company’s CEO and COO have been selling shares. According to the release, both executives have sold 1 million shares each, bringing in over $6 million apiece. It is worth noting, though, that they still retain significant shareholdings despite these sales.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is down 5% to $5.78. This may have been driven by a broker note out of Morgans. According to the note, the broker has downgraded the agricultural chemicals company’s shares to a hold rating and cut the price target on them to $6.65. Its analysts are expecting a strong result in FY 2022 but then a pullback in earnings in FY 2023.
Unibail-Rodamco-Westfield (ASX: URW)
The Unibail-Rodamco-Westfield share price is down 10% to $4.87. This follows news that the global real estate developer will rebrand three flagship shopping centres in Spain, Sweden and Poland. The centres being rebranded are Parquesur in Madrid, Taby Centrum in Stockholm, and Galeria Mokotow in Warsaw.