The S&P/ASX 200 Index (ASX: XJO) has returned to form on Wednesday and is charging higher. In afternoon trade, the benchmark index is up 1.4% to 7,043.9 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 a further 6% to a 52-week low of $9.50. Last week, this digital speaker developer revealed that it is facing further delays with its placement. Though, delays are nothing new for Audio Pixels shareholders. Investors have been waiting over a decade for the company's speakers to be released.
Bowen Coking Coal Ltd (ASX: BCB)
The Bowen Coking Coal share price is down 3% to 30.2 cents. A number of coal miners are falling again today. This may be down to concerns that coal prices may not be as strong in 2023 and are locking in some of the stellar gains that were recorded over the last 12 months.
Pantoro Ltd (ASX: PNR)
The Pantoro share price is down 10% to 9 cents. This morning the gold miner and Tulla Resources Group Pty Ltd (ASX: TUL) revealed that they are in discussions in relation to a potential transaction to combine the ownership of the gold asset at Norseman into a single Pantoro entity. The two are joint venture partners at Norseman. It also revealed that the Halls Creek mine will be placed on care and maintenance.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 2% to $34.61. Investors have been selling energy shares today after oil prices pulled back overnight. Traders were selling down oil amid concerns that Chinese demand could be softer than expected due to rising COVID cases.