In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.5% to 7,526.4 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are dropping:
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Atlantic Lithium Ltd (ASX: A11)
The Atlantic Lithium share price is down 9% to 40 cents. This lithium explorer's shares have now fallen 20% since the company raised funds last week. The Africa-based lithium explorer raised $8 million at 44 cents per new share.
KMD Brands Ltd (ASX: KMD)
The KMD Brands share price is down over 11% to 67 cents. This has been driven by the release of the retailer's trading update this morning. The Kathmandu and Rip Curl owner reported a 12.5% decline in sales for the first four months of FY 2024. And while its gross margin improved, this couldn't stop its EBITDA from falling $16 million compared to the same period last year.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren share price is down almost 4% to $23.03. This decline appears to have been driven by profit-taking from some investors following very strong gains this week. For example, even after today's weakness, the Neuren share price is up 35% since this time last week. This has been driven by encouraging phase 2 trial results for its treatment for Phelan-McDermid Syndrome.
PEXA Group Ltd (ASX: PXA)
The PEXA share price is down 10% to $11.12. Investors have been hitting the sell button following the release of an announcement. The property settlements technology company announced the completion of an acquisition and provided guidance for FY 2024. It expects business revenue of $315 million to $325 million and operating EBITDA of $109 million to $115 million. While the latter is ahead of FY 2023's numbers, it remains lower than the $133 million achieved in FY 2022.
