Why Aristocrat, Delta Lithium, Flight Centre, and Karoon Energy shares are sinking

Why are these shares missing out on the good times on Wednesday?

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A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.3% to 7,095.9 points.

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

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat Leisure share price is down 2% to $39.05. Investors have been selling this gaming technology company's shares following the release of its FY 2023 results. Although it delivered strong growth for the 12 months, its guidance for the year ahead may have underwhelmed the market.

Delta Lithium Ltd (ASX: DLI)

The Delta Lithium share price is down 6% to 49 cents. This morning, this lithium explorer announced the completion of the institutional component of its capital raising. The company has raised $41.8 million at 46 cents per new share. This represents an 11.5% discount to its last close price. Proceeds will be used to accelerate drilling and development at both its Mt Ida and Yinnetharra Lithium Projects.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 3% to $18.83. This has been driven by the release of the travel agent giant's annual general meeting update. Although Flight Centre revealed strong growth during the first quarter of FY 2024, its guidance for the full year appears to have been softer than some were expecting.

Karoon Energy Ltd (ASX: KAR)

The Karoon Energy share price crashed 10% to $2.15 before being placed in a trading halt. The trading halt was requested "pending an announcement in relation to a potential transaction." There is speculation that the potential transaction will require a major capital raising.

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel 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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