In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to record a small gain. At the time of writing, the benchmark index is up 0.1% to 6,852.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Ansell Limited (ASX: ANN)
The Ansell share price is down 1.5% to $21.44. This morning, this health and safety products company revealed at its annual general meeting that its chair, John Bevan, would be retiring with immediate effect. This has overshadowed the company reaffirming its earnings guidance for FY 2024.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 5.5% to 17.5 cents. Investors have been hitting the sell button after the semiconductor company released its quarterly update and revealed an embarrassingly low amount of cash receipts. For the three months ended 30 September, the $300 million company pulled in a total of US$27,000 from customers. That's an average of US$9,000 a month. It spent US$4 million on its operations during the period.
Cooper Energy Ltd (ASX: COE)
The Cooper Energy share price is down 9% to 10 cents. This follows the release of the energy company's quarterly update. Cooper Energy reported production growth of 3% and a 4% increase in revenue to $50.8 million. However, this couldn't stop the company's cash balance from falling almost $30 million during the three months to $47.5 million.
Novonix Ltd (ASX: NVX)
The Novonix share price is down 7.5% to 74 cents. This appears to have been driven by profit-taking from investors following a very strong gain on Monday. Investors were buying Novonix and other ASX graphite shares amid reports that China was planning to restrict graphite exports.
