In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.6% to 7,184.3 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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Best & Less Group Holdings Ltd (ASX: BST)
The Best & Less share price is down 12.5% to $2.38. This morning the retailer released a trading update and revealed that like for likes (LFL) sales are down 7.4% during the first 20 weeks of FY 2023. The damage is being done predominantly online, with online LFL sales down 32.9% and LFL store sales down a modest 2.3%.
Cettire Ltd (ASX: CTT)
The Cettire share price is down a further 9% to $1.29. Investors have been selling this online luxury products retailer's shares in recent sessions following news that its CEO was selling down his holding again. Cettire's CEO, Dean Mintz, sold 41 million shares at a 13% discount of $1.46 per share for a total consideration of approximately $60 million. Cettire's shares have now dropped 23% since the sale.
Life360 Inc (ASX: 360)
The Life360 share price is down 5% to $6.40. This morning this location technology company announced the completion of a $50 million institutional placement. These funds were raised at a 6.4% discount of $6.30 and will be used to shore up its balance sheet given the uncertain macroeconomic environment. Not even news that Life360 has received takeover interest has been able to keep the Life360 share price from falling today.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price is down 11% to $1.51. Investors have been selling this pharmaceutical company's shares after it announced the exit of its CEO after less than five months in the role. No reason was given for the exit. Paradigm has acted fast and named its founder and former CEO, Paul Rennie, as its new leader.
