In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain thanks to a favourable inflation reading. At the time of writing, the benchmark index is up 0.85% to 7,402.9 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
Austal Ltd (ASX: ASB)
The Austal share price is down almost 12% to $2.27. This morning, this shipbuilder downgraded its earnings guidance for FY 2023. It now expects its earnings before interest and tax to be breakeven to negative $10 million. This compares to its previous guidance for a profit of $58 million. Austal's US Towing, Salvage and Rescue Ship (T-ATS) program has been facing issues
Develop Global Ltd (ASX: DVP)
The Develop Global share price is down 3% to $3.23. This follows the release of the underground mining services and energy transition metals company's quarterly update. That update reveals that the company has advised Liontown Resources Ltd (ASX: LTR) that it has decided not to participate in the second-round tender for the underground contract at Kathleen Valley.
Grange Resources Limited (ASX: GRR)
The Grange Resources share price is down 3.5% to 56 cents. This morning, this iron ore pellet producer released its quarterly update. Grange revealed a sharp drop in both sales volumes and average realised prices compared to the previous quarter.
Winsome Resources Ltd (ASX: WR1)
The Winsome share price is down 4% to $1.63. Investors have been selling this lithium explorer's shares following the release of its quarterly update. Winsome has been having a difficult time recently due to wildfires in Canada. Today it advised that exploration activities are expected to recommence early in August post-damage assessment.