In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is well and truly back on form and charging higher. At the time of writing, the benchmark index is up 1.4% to 7,162.5 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
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Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is down 14% to $3.57. This has been driven by a combination of weakness in the gold sector and the completion of the institutional component of its capital raising. Evolution has raised $525 million via a fully underwritten institutional placement at $3.80 per new share. These funds will be used for the acquisition of an 80% interest in the Northparkes Copper-Gold Mine.
Galan Lithium Ltd (ASX: GLN)
The Galan Lithium share price is down 3.5% to 55 cents. This is despite the release of an update on the development of its Hombre Muerto West (HMW) Phase 1 lithium brine project. Management revealed that construction is progressing to schedule and it expects to deliver lithium chloride production the first half of 2025.
Life360 Inc (ASX: 360)
The Life360 share price is down a further 3% to $7.35. Investors have been selling this location technology company's shares this week following some insider selling. According to the release, Life360 co-founder and CEO Chris Hulls has sold US$4 million (A$6 million) worth of shares. Hulls revealed that he plans to diversify his holdings over the next five years in line with US market norms.
Resolute Mining Ltd (ASX: RSG)
The Resolute share price is down over 1% to 43.5 cents. This follows weakness in the gold sector after a pullback in the spot gold price. This has led to the S&P/ASX All Ordinaries Gold index falling 2.2% this afternoon.
