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 7,159.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
29Metals Ltd (ASX: 29M)
The 29Metals share price is down a massive 18% to $1.92. Investors have been selling this copper miner's shares following the release of disappointing guidance for 2023. 29Metals revealed that copper production is expected to be flat year-on-year. The miner also advised that its gold and silver production is likely to fall between 10% to 15% compared to 2022. In response, Macquarie has downgraded its shares to an underperform rating from outperform.
BWX Ltd (ASX: BWX)
The BWX share price is down a further 10% to another new record low of 19 cents. The Sukin skincare manufacturer's shares have been hammered this week after returning from a suspension of almost four months. Its return followed the release of shocking business update. BWX now has a mountain of debt more than double its market capitalisation and is on track to breach its debt covenants.
Readytech Holdings Ltd (ASX: RDY)
The Readytech share price is down 11% to $3.49. This morning, the enterprise software company revealed that Pacific Equity Partners has withdrawn its original $4.50 per share takeover proposal. The company advised that the investment firm is now working on an alternative proposal that could still deliver a $4.50 per share consideration.
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price is 3.5% to $3.28. Investors have been selling this dairy processor's shares following the release of a profit update. Synlait has warned that its first half profit will be down over the prior corresponding period. This has been driven by delays to shipments, reduced lactoferrin volumes, and increased costs.
