In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is charging higher again. At the time of writing, the benchmark index is up 1.15% to 7,278.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is down over 3% to $1.78. This follows the release of the gold miner's production update this morning. Gold Road revealed that its Gruyere operation delivered annual production of 314,647 ounces. This means the company only achieved the low end of its annual guidance range of 300,000 ounces to 340,000 ounces.
MA Financial Group Ltd (ASX: MAF)
The MA Financial share price is down almost 9% to $4.52. Investors have been selling this diversified financial services company's shares following the release of a profit update. The company, formerly known as Moelis, advised that it expects to report underlying earnings per share growth of 28% to 30% in FY 2022. While this is strong, it has fallen short of its prior guidance of 30% to 40% growth. Management blamed this on delays in completing multiple corporate advisory transactions.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down 5.5% to 21.7 cents. This morning, the specialty pharmaceuticals company announced that it would be delaying its impending $65.5 million capital return by at least two months. It also warned that it reserves the right to further defer, reduce, or cancel the capital return.
Westgold Resources Ltd (ASX: WGX)
The Westgold share price is down over 4% to $1.09. This morning, Macquarie downgraded this gold miner's shares to a neutral rating with a $1.10 price target. The broker made the move largely on valuation grounds after some strong gains in recent weeks.
