The S&P/ASX 200 Index (ASX: XJO) has returned to form on Wednesday after a difficult couple of days. In afternoon trade, the benchmark index is up 0.65% to 7,006.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Audio Pixels Holdings Ltd (ASX: AKP)
The Audio Pixels share price is down 10% to $15.20. This morning the digital speaker developer announced a $10 million placement to institutional and sophisticated investors. These funds were raised at a huge discount of $14.00 per new share. The proceeds will primarily go towards development, marketing and working capital, including repayment of outstanding debt. Maybe this means the company's technology will finally be ready for commercialisation in the near future after years and years of development.
Coles Group Ltd (ASX: COL)
The Coles share price is down 3.5% to $18.06. This follows the release of the supermarket giant's full year results for FY 2022. Although the company beat consensus estimates with its net profit after tax of $1,048 million, its outlook commentary appears to have spooked investors. Management warned that both its Liquor and Supermarket sales growth are expected to be impacted by the cycling of COVID-19 lockdowns in the first half of FY 2022 and price inflation in the second half.
EML Payments Ltd (ASX: EML)
The EML share price is down 14% to 85.7 cents. Things have gone from bad to worse for this payments company. This morning the embattled company revealed that it has identified fraudulent activity within its Sentenial business, with losses that could amount to $7.9 million. This is from fraudulent merchants within the debt processing business.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down 8% to $4.31. This appears to have been driven by a negative reaction to this infection control company's full year results from brokers. One of those was Goldman Sachs. In response to its results, this morning the broker reiterated its sell rating with a price target of $3.50.
