The S&P/ASX 200 Index (ASX: XJO) is having a mildly positive session. In afternoon trade, the benchmark index is up 0.1% to 7,242.6 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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Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down 4% to 54.5 cents. That's despite the uranium developer announcing the start of extensive resource drilling programs at the Tumas and Mulga Rock Projects. In addition, at the Alligator River Project, assay results from the 2022 diamond drilling program are expected to be received shortly. This will support the completion of a revised mineral resource estimate for the Angularli deposit.
Frontier Digital Ventures Ltd (ASX: FDV)
The Frontier Digital Ventures share price is down 15% to 59.2 cents. This has been driven by the online listings company undertaking a $13 million institutional placement. These funds were raised at a 19.4% discount of 56 cents per new share. The proceeds will be used to partially fund the final cash contingent consideration payments for the acquisition of key LATAM businesses.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 6% to $8.11. This follows the release of another bleak funds under management (FUM) update from the struggling fund manager. Magellan revealed that its FUM fell $2.2 billion during the month. This was driven by net fund outflows of $3.9 billion, which the AFR claims was due to two Airlie Funds Management clients ending their mandates.
Novonix Ltd (ASX: NVX)
The Novonix share price is down 4% to $1.21. Not even some upbeat commentary from management at this battery technology company's annual general meeting has been able to stop its decline today. Novonix's Chair commented: "Clearly, the performance of stock has not reflected the considerable work that is being done with customers and in progressing our graphitization technology and related materials and process technologies."
