In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record another gain. At the time of writing, the benchmark index is up 0.3% to 7,131.1 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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Bellevue Gold Ltd (ASX: BGL)
The Bellevue Gold share price is down 6% to $1.56. This appears to have been driven by profit-taking after a series of strong sessions sent the gold developer's shares to a multi-year high yesterday. The Bellevue Gold share price remains up almost 14% since this time last week.
KMD Brands Ltd (ASX: KMD)
The KMD Brands share price is down 9% to 88 cents. This follows the release of a trading update from the retailer this morning. KMD revealed that it expects to report record sales of NZ$1.1 billion with EBITDA of NZ$105 million to NZ$110 million in FY 2023. However, as strong as this was, a slow start to the winter shopping season appears to have spooked investors.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 3% to 29.2 cents. This is despite there being no news out of the lithium developer. However, its shares have been in free fall recently following a terrible update. As a result, they are now down approximately 40% since this time last month.
Lindian Resources Ltd (ASX: LIN)
The Lindian Resources share price is down 14.5% to 35.5 cents. This has been driven by news that the company is raising funds from institutional investors. The rare earths developer has received binding commitments to raise $35 million at a discount of 33 cents per new share. The proceeds will be used to fund the third of four payments to acquire the Kangankunde Rare Earth Mining Project in Malawi.
