Why Macquarie, Panoramic, Regis Resources, and Rio Tinto shares are falling

These ASX shares are missing out on the good times on Thursday.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing, the benchmark index is up 0.85% to 7,464.2 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price is down 5% to $174.28. Investors have been selling this investment bank's shares after it provided a first-quarter update ahead of its annual general meeting. That update revealed that the company has had a tough start to FY 2024. This has led to profits that were "substantially down" on the prior corresponding period.

Panoramic Resources Ltd (ASX: PAN)

The Panoramic Resources share price is down 39% to 5.6 cents. This follows news that the base metals developer has received commitments for a $40 million institutional placement. The company is raising the funds at a deep discount of 5 cents per new share. The proceeds will be used to support its balance sheet following delays in revenue generation.

Regis Resources Ltd (ASX: RRL)

The Regis Resources share price is down 11% to $1.86. Investors appear disappointed with this gold miner's fourth-quarter update which revealed a sharp increase in costs per ounce in FY 2023. Unfortunately, management expects costs to increase further in FY 2024.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down 2.5% to $117.89. This follows the release of the miner's half-year results. Rio Tinto reported a 10% decline in revenue to US$26.67 billion and a 25% decline in underlying EBITDA to US$11.73 billion. The latter and its US$1.77 per share interim dividend were short of consensus expectations.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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