The S&P/ASX 200 Index (ASX: XJO) is on course to start the week in a positive fashion. In afternoon trade, the benchmark index is up 0.5% to 7,340.4 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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Arafura Rare Earths Ltd (ASX: ARU)
The Arafura share price is down 5.5% to 41.5 cents. This has been driven by the company's institutional placement. The rare earths developer has received firm commitments for a $121 million placement to accelerate the Nolans Project development schedule. These funds are being raised at a 15.9% discount of 37 cents per new share.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down over 10% to 21.5 cents. This morning the pharmaceutical company announced that it has signed a transaction agreement and related license agreement for a portfolio of on-market women's health products from TherapeuticsMD for US$140 million. The products' net revenue in the third quarter of 2022 were US$20.9 million and gross profit was US$17.1 million.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 4.5% to $4.64. This is despite the lithium giant being added to the ASX 50 index at the quarterly rebalance. Investors appear to have concerns about lithium prices following a couple of bearish broker notes and news of a new major lithium mine development.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 5.5% to $1.62. Investors have been selling this payments company's shares following the release of a transaction update. According to the release, transaction value growth slowed to 16% during the month of November. This is a sharp slowdown compared to its year to date growth rate of 43%.
