In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is charging higher for the second day in a row. The benchmark index is currently up 0.8% to 7,355.8 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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Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is being sold off again and is down a massive 25% to 28.5 cents. This lithium developer's shares have crashed deep into the red this week following an update on its production plans. Instead of delivering 50,000tpa of lithium carbonate production by 2024, it now expects 25,000tpa by 2027. Management has also doubled the stage one capital expenditure estimate to over US$1 billion.
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is down a further 5% to 15.2 cents. Investors have been selling this gold developer's shares since the release of assay results from its ongoing drilling programs at the Bankan Gold Project in Guinea. Some investors may have been expecting stronger results.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down 4% to $21.00. This has been driven by the retail conglomerate's shares trading ex-dividend on Tuesday for its fully franked interim dividend of 70 cents per share. This will be paid to eligible shareholders next month on 26 July.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down 4% to $1.05. This follows an update on proposed casino duty rate increases in New South Wales. Star Entertainment maintains that the proposed duty increases are not sustainable and are flawed in their design.
