The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday. In afternoon trade, the benchmark index is up 1% to 7,202 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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European Lithium Ltd (ASX: EUR)
The European Lithium share price is down almost 4% to 7.7 cents. This morning this lithium explorer announced that its Wolfsberg Lithium project in Austria has a net prevent value of US$1.5 billion based on measured and indicated resource of 9.7 million tonnes at 1% Li2O. However, this afternoon, the company retracted its announcement and told investors to wait for its definitive feasibility study at the end of the current quarter.
PEXA Group Ltd (ASX: PXA)
The PEXA share price is down 2.5% to $12.00. Yesterday was the date of the transfer of PEXA shares to eligible Link Administration Holdings Ltd (ASX: LNK) shareholders. Some investors may have decided to sell these on-market today.
Polynovo Ltd (ASX: PNV)
The PolyNovo share price is down 2.5% to $2.44. This is despite there being no news out of the medical device company. However, prior to today, the PolyNovo share price was up almost 28% in the space of a month. This may have led to some profit taking from investors on Wednesday.
Xero Limited (ASX: XRO)
The Xero share price is down 3.5% to $69.07. Last week, Citi retained its buy rating but trimmed its price target on the cloud accounting platform provider's shares to $92.40. This followed news that the UK has delayed its Making Tax Digital initiative by two years to April 2026. Making Tax Digital was expected to be supportive of subscriber growth in the key UK market.
