The S&P/ASX 200 Index (ASX: XJO) is having a solid start to the week. In afternoon trade, the benchmark index is down 0.4% to 6,982.3 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are falling:
Azure Minerals Ltd (ASX: AZS)
The Azure Minerals share price is down 12% to $2.10. Investors have been selling this lithium explorer's shares following the release of testwork results from the 60% owned Andover project. The release reveals that whole-of-ore flotation produces marketable spodumene concentrate with a grade of 5.59% Li2O at a recovery of 82.37%. While this is promising, it is worth highlighting that the testwork is from only one of three samples.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down a further 5% to $6.81. Investors have been selling this fund manager's shares since it released a disappointing monthly funds under management (FUM) update. Magellan's total FUM fell 10% from $39 billion to $35 billion over the course of September.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down almost 9% to $2.85. This semiconductor company's shares have come under significant pressure in recent weeks and are now down by almost a third since this time last month. Short sellers have been going after the meme stock on the belief it could be another Brainchip Holdings Ltd (ASX: BRN) – all hype and no substance.
Winsome Resources Ltd (ASX: WR1)
The Winsome share price is down 12% to $1.20. This morning, this Canada-based lithium exploration company announced the completion of a $34 million equity raising. While these funds were raised at a significant premium to the prevailing share price, this was thanks to tax regulations in Canada. The shares have then been sold by a secondary sale at a discount of $1.22 per share.