In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up 4 points to 6,980 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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Creso Pharma Ltd (ASX: CPH)
The Creso Pharma share price is down 11% to 4.35 cents. This morning this cannabis company announced that it has received firm commitments for a $7 million placement at a discount of 4 cents per share. Management intends to use the funds to progress further expansion into the US with its pending acquisition target, Sierra Sage Herbs.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 3% to $7.79. Investors have been selling this drinks company's shares after it was the subject of a broker note out of UBS. Its analysts have downgraded the company's shares to a sell rating with a $7.20 price target. UBS feels that Endeavour's shares are overvalued at current levels.
Orica Ltd (ASX: ORI)
The Orica share price is down 9% to $15.64. This has been driven by the commercial explosives company announcing the successful completion of a $650 million equity raising to fund a major acquisition. Orica is acquiring geospatial tools manufacturer Axis Mining Technology in a deal worth up to $350 million. Orica raised the funds at a discount of $16.00 per new share.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 2.5% to $31.68. Investors have been selling Woodside and other energy shares on Thursday after oil prices pulled back overnight. This was driven by higher than expected oil and gasoline inventories in the US. The S&P/ASX 200 Energy index is down 2% this afternoon.
