The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. In afternoon trade, the benchmark index is up 0.45% to 7,357.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down 5.5% to $2.26. This follows news that the energy producer's Bauna operation will be offline longer than previously hoped. As a result, management expects its full-year guidance for FY 2023 to be at the low end for production and high end for unit costs.
Lottery Corporation Ltd (ASX: TLC)
The Lottery Corporation share price is down 3% to $5.01. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded this lottery company's shares to a neutral rating with a reduced price target of $5.35. Macquarie sees more value in another ASX lottery share.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down almost 2.5% to $7.72. Investors have been selling this struggling fund manager's shares again this month after it reported further funds outflows in March. The Magellan share price is now down over 50% since this time last year.
WAM Leaders Ltd (ASX: WLE)
The WAM Leaders share price is down 5% to $1.51. This morning, this investment company announced the successful completion of a $131 million institutional placement at $1.48 per new share. The company will now push ahead with a share purchase plan for retail shareholders.
