It has been a great start to the week for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is up 1.1% to 7,231.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
ALS Ltd (ASX: ALQ)
The ALS share price is down over 4% to $11.72. That's despite the testing services company releasing a full-year result with an underlying net profit at the high end of its guidance range. Goldman Sachs even notes that the company's outlook "for FY24 reads positively." It seems not everyone was as impressed, though.
IDP Education Ltd (ASX: IEL)
The IDP Education share price is down 12% to $22.62. Investors have been hitting the sell button after authorities in Canada announced that they will accept other language tests for student visas. This threatens to undermine IDP Education's IELTs test, which is the standard for many countries. Investors may fear others will follow Canada's lead.
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is down 3% to 15.5 cents. This morning, the gold developer announced firm commitments for a $40 million placement. The company will raise the funds at 15 cents per new share. Management expects the placement to drive growth and the advancement of the Bankan Gold Project.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down 5% to $11.22. This is despite there being no news out of the radiopharmaceuticals company. Though, with its shares up 60% since the start of the year, it's possible that some investors have decided to take a bit of profit off the table today.