The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decent gain. In afternoon trade, the benchmark index is up 0.4% to 7,056.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Bubs Australia Ltd (ASX: BUB)
The Bubs Australia share price is down 20% to 13.25 cents. Investors have been selling this infant formula company's shares after it completed the institutional component of another capital raising. Bubs raised $14 million at 12.5 cents per new share, which represents a 24.2% discount to its last close price.
Select Harvests Ltd (ASX: SHV)
The Select Harvests share price is down 7% to $4.05. This morning, this almond producer released its FY 2023 results and reported a loss of $114.7 million for the 12 months. This reflects a modestly lower almond price and a reasonable drop in its almond crop. It also includes a write down of goodwill.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down 4% to $6.18. This appears to have been driven by the release of a couple of trading updates from offline rivals. Those updates show that rising interest rates are putting pressure on sales. Investors may believe that this means Temple & Webster could be struggling.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is down 3% to $64.10. This follows the release of the logistics solutions company's annual general meeting update. WiseTech reaffirmed its FY 2024 guidance for 27% to 34% total revenue growth and 18% to 27% EBITDA growth. However, this "FY24 guidance now includes FX tailwind from recent Australian Dollar weakness." Essentially, it is a downgrade in disguise.
