The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up a modest 0.15% to 6,612.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Allkem Ltd (ASX: AKE)
The Allkem share price is down over 5% to $9.46. This is despite there being no news out of the lithium miner. However, it is worth noting that Allkem isn't the only lithium share that is falling on Tuesday. The lithium industry is a sea of red this afternoon as investors reduce exposure to higher risk shares.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 10% to $2.70. Investors have been selling Australian ecommerce shares on Tuesday following a poor night for their international peers. Investors appear to believe that online retailers may struggling in the current environment. The Kogan share price is now down by approximately 70% since the start of the year.
Metcash Limited (ASX: MTS)
The Metcash share price is down 2% to $4.23. This decline has been driven by the wholesale distributor's shares trading ex-dividend this morning for its latest dividend. Eligible shareholders can now look forward to receiving Metcash's fully franked final dividend of 11 cents per share next month on 10 August.
Sezzle Inc (ASX: SZL)
The Sezzle share price has crashed 37% lower to 26 cents. Investors have been selling the buy now pay later (BNPL) provider's shares after its merger with Zip Co Ltd (ASX: ZIP) was scrapped. One small positive for Sezzle is that it will receive a termination fee of US$11 million. However, with its market capitalisation now just ~$50 million, investors appear to believe it could soon be lights out for the company.
