The S&P/ASX 200 Index (ASX: XJO) is in fine form on Tuesday. In afternoon trade, the benchmark index is up 1.2% to 7,054.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is down 2.5% to $4.40. This is despite there being no news out of the uranium developer. However, with its shares more the doubling since the start of the year, some investors may be taking profit off the table and moving to other areas of the market today.
Meridian Energy Ltd (ASX: MEZ)
The Meridian Energy share price is down 2% to $4.75. Investors appear to have been rotating out of safe-haven assets such as utilities today after market sentiment improved. A number of shares in the utilities sector are falling today, except those that have takeover potential.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is down almost 3% to $11.13. This also seems to have been driven by profit-taking from some investors after stellar gains over the last 12 months. For example, despite today's weakness this pharmaceutical share is up approximately 60% since this time last year.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 4% to $1.21. This decline is more of a mystery than the others given that there has been no news out of the payments company for a while and its shares are not on form this year. In fact, today's weakness means its shares are now down 23% over the last six months.