In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.5% to 7,023.7 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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Select Harvests Ltd (ASX: SHV)
The Select Harvests share price is down 13% to $3.20. This is despite there being no news out of the almond producer. However, it is worth noting that its shares were sold off last week after it released its FY 2023 results. The heavily shorted Select Harvests reported a disappointing loss of $114.7 million for the 12 months.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 3% to 6.7 cents. At one stage today, this lithium miner's shares hit a new 52-week low. Concerns over falling lithium prices and the potential need for another capital raising have been weighing on Sayona Mining's shares. They are now down by two-thirds over the last 12 months, much to the delight of short sellers.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down over 3% to $3.58. Investors have been selling this semiconductor company's shares recently amid concerns over its lofty valuation. It is also worth noting that short sellers have also been loading up on Weebit Nano shares. Over 8% of its shares are currently held short according to ASIC.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 1% to $31.38. This follows a pullback in oil prices overnight due to disputes within OPEC over production quotas. It isn't just Woodside shares that are falling today. In afternoon trade, the S&P/ASX 200 Energy index is down 0.65%.
