In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.4% to 7,313.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Dropsuite Ltd (ASX: DSE)
The Dropsuite share price is down 24% to 28 cents. This follows the release of a business update from the cloud backup provider. Investors may be concerned that Dropsuite's growth has slowed quarter on quarter.
Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price is down 2.5% to $22.15. This is despite there being no news out of the mining giant today. However, some commentary out of rival Rio Tinto Ltd (ASX: RIO) may have spooked investors. It said: "China's economic recovery has fallen short of initial market expectations, as the property market downturn continues to weigh on the economy and consumers remain cautious despite monetary policy easing."
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down over 6% to $12.52. Investors have been selling this gold miner's shares following the release of its quarterly and full-year updates. In respect to the latter, Northern Star delivered on its FY 2023 guidance with 1,563koz gold sold at an all-in sustaining cost (AISC) of A$1,759 per ounce. Looking ahead, management has guided to 1,600-1,750koz gold sold at an AISC of A$1,730-1,790/oz in FY 2024. However, it has warned that this will be weighted to the second half.
Peninsula Energy Ltd (ASX: PEN)
The Peninsula Energy share price is down 22% to 14 cents. This follows news that the uranium developer's agreement with resin processing provider Uranium Energy Corp has been terminated. This is expected to result in a "significant delay" to the previously announced imminent restart of production at Lance.