In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 6,612 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Galileo Mining Ltd (ASX: GAL)
The Galileo Mining share price is down 4.5% to $1.17. This is despite the mineral exploration company releasing positive drilling results from the Callisto discovery. However, it is worth noting that this morning the company issued 17 million shares to institutional and sophisticated investors following its recent $20.4 million capital raising. Some of these could have been sold today.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down over 2% to $1.71. Investors have been selling this fund manager's shares following the release of its latest funds under management update. That update revealed that its funds under management dropped to $18.2 billion at the end of June.
Sezzle Inc (ASX: SZL)
The Sezzle share price has fallen a further 16% to 21.5 cents. Investors have been selling this buy now pay later (BNPL) provider's shares this week after its merger with Zip Co Ltd (ASX: ZIP) was terminated. This latest decline means that Sezzle's market capitalisation has now dropped to almost $40 million. A far cry from its ~$2 billion peak.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 2.5% to $30.20. Investors have been selling Woodside and other energy shares on Wednesday after oil prices tumbled overnight. Traders were selling down oil prices amid concerns over demand. The S&P/ASX 200 Energy index is down 1.6% in afternoon trade.
