The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very positive note. At the time of writing, the benchmark index is up 1.15% to 6,979.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Aussie Broadband Ltd (ASX: ABB)
The Aussie Broadband share price is down almost 8% to $3.62. This has been driven by the successful completion of a placement raising $120 million. The placement was priced at a 9.4% discount of $3.55 per share and supported by new and existing institutional, sophisticated, and professional investors. The proceeds will be used to strengthen Aussie Broadband's balance sheet in light of its capital investment pipeline, potential M&A, and the proposed Symbio Holdings Ltd (ASX: SYM).
Bowen Coking Coal Ltd (ASX: BCB)
The Bowen Coking Coal share price is down 4.5% to 10.5 cents. This coal miner's shares are falling today after it raised $50 million at a discount of 9 cents per new share. Management notes that the proceeds will provide Bowen with balance sheet flexibility to fund ramp-up of mining at Ellensfield South Pit until it achieves steady-state production in the second half of FY 2024.
Integral Diagnostics Ltd (ASX: IDX)
The Integral Diagnostics share price is down 31% to $1.83. This morning, this medical imaging services provider released a trading update. That update revealed higher-than-expected labour costs, which have impacted its operating EBITDA. This has been driven by clinical staff shortages, particularly in regional areas, and cost inflation.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down 6% to $11.35. This has been driven by the wine giant completing the institutional component of its $825 million equity raising. These funds are being raised to support the acquisition of California-based luxury wine company DAOU Vineyards for US$900 million (plus US$100 million in potential earnouts). The institutional component of the entitlement offer raised gross proceeds of approximately $604 million at a 10.7% discount of $10.80 per new share.
