The S&P/ASX 200 Index (ASX: XJO) has started the week relatively positively. In afternoon trade, the benchmark index is up 0.15% to 7,060.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Accent Group Ltd (ASX: AX1)
The Accent share price is down 7% to $1.80. This morning, analysts at Citi downgraded this footwear retailer's shares to a neutral rating and cut the price target on them to $1.93. This follows the release of a trading update at its annual general meeting which revealed that costs have been higher than expected.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 2% to $11.53. Investors have been selling Northern Star and other gold miners on Monday following a decline in the gold price on Friday. This has led to the S&P/ASX All Ordinaries Gold index falling 1.3% this afternoon.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is down 6.5% to 68.7 cents. This decline comes despite there being no news out of the graphite producer. Though, it is worth noting that the company is one of the most shorted shares on the ASX. Today's weakness could be a sign that short sellers are continuing to load up on Syrah shares.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 3.5% to $3.78. Investors have been selling this memory technology company's shares despite the release of some good news. Its technology realisation partner has fully qualified Weebit Nano's ReRAM IP module in its 130nm CMOS (S130) process at temperatures of up to 125 degrees Celsius. This is the temperature specified for Grade-1 automotive applications. In other news, the company cancelled an investor briefing today due to its CEO having visa issues.
