The S&P/ASX 200 Index (ASX: XJO) is ending the week on a high. In afternoon trade, the benchmark index is up 0.4% to 7,129.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Appen Ltd (ASX: APX)
The Appen share price is down almost 6% to $3.29. This morning, this artificial intelligence data services provider announced the completion of its share purchase plan. Appen raised a total of approximately $29.5 million from retail investors at a discount of $1.85 per new share. However, only 55% of eligible retail shareholders took part in the equity raising. This means the remaining shares were allotted to sub-underwriters. They may have been selling them on-market for a big profit today.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price has continued its slide and is down a further 5.5% to a 52-week low of 17 cents. Investors have been selling this embattled infant formula company's shares this year due to its abject performance. In addition, while many shareholders were celebrating when previous management were kicked out, they are now fighting to take back the helm. There may be concerns that their return will mean nothing changes and the downward share price trajectory and cash burn continues.
EML Payments Ltd (ASX: EML)
The EML Payments share price is down 5% to 68.5 cents. This is despite there being no news out of the payments company. Though, it is worth noting that a number of financial technology shares are trading lower today.
Maas Group Holdings Ltd (ASX: MGH)
The Maas share price is down 7% to $2.95. Investors have been selling this construction material, equipment and service provider's shares following a disappointing trading update. Maas revealed that its Residential Real Estate segment has been adversely impacted by a higher interest rate environment and builder insolvencies. As a result, it has narrowed its full-year guidance to the low-end of its range.
