The S&P/ASX 200 Index (ASX: XJO) is having another positive session on Thursday. In afternoon trade, the benchmark index is up 0.3% to 7,183.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Appen Ltd (ASX: APX)
The Appen share price is down a further 9% to $2.57. This decline could have been driven by investors selling the shares they received in its recent entitlement offer. Those shares were issued at $1.85 per new share, which was a huge discount to recent levels.
DGL Group Ltd (ASX: DGL)
The DGL share price is down 15.5% to 98 cents. Investors have been selling this diversified industrial company's shares after it downgraded its earnings guidance for FY 2023. Cost pressures means DGL now expects ETBIDA of $64 million to $66 million in FY 2023. This compares to its previous guidance of $71.5 million to $73.5 million.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is down 4% to $7.35. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has downgraded this rare earths producer's shares to a neutral rating with a trimmed price target of $8.30. The broker believes NdPr prices will now be meaningfully softer than it was originally forecasting.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down over 4% to $4.67. This follows broad weakness in the lithium industry today after a poor night for peers on Wall Street. This may have been driven by news that Chile and the European Union are set to sign a memorandum of understanding to develop value-added lithium projects in the South American nation.
