The S&P/ASX 200 Index (ASX: XJO) is on form and charging higher on Thursday. In afternoon trade, the benchmark index is up 0.5% to 7,431.9 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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Alumina Limited (ASX: AWC)
The Alumina share price is down 7.5% to $1.57. This follows the release of a fourth quarter update. That update revealed that the AWAC joint venture struggled with "input cost pressures combined with subdued alumina prices." As a result, the company's net receipts from AWAC were just $4.5 million in the second half of 2022.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is down almost 10% to $12.58. This follows the release of a quarterly update from the investment platform provider. That update revealed a significant slowdown in net inflows. Netwealth's net inflows of $2,087 million were down 42% on the prior corresponding period and 29% from the first quarter. This reflects "larger than usual outflows in the High Net Worth (HNW) investors and mid-market segment.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is down 8% to $1.03. This morning the nickel producer announced the completion of a $264 million institutional placement. These funds were raised at $1.02 per new share, which represents a 9% discount to its last close price. The proceeds will be used for acquisitions.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is down over 6% to 73 cents. This follows the release of the uranium developer's quarterly update. That update confirms that the company expects it to be another year until the Langer Heinrich Mine returns to production. Management is targeting the commencement of production during the first quarter of calendar year 2024.
