In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.1% to 7,531.3 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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Opthea Ltd (ASX: OPT)
The Opthea share price is down 6.5% to 57 cents. This is despite there being no news out of the ophthalmology-focused biopharmaceutical company. However, it is worth noting that its shares have been on fire recently following a funding update. So, this decline could have been driven by profit-taking. Opthea's shares remain up 24% since the Christmas break.
Pantoro Ltd (ASX: PNR)
The Pantoro share price is down a further 6% to 4.6 cents. This gold miner's shares have come under pressure this week after it released a quarterly update. Although Pantoro reported another increase in gold production, this appears to have been short of expectations after it faced challenges in December.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down almost 1.5% to $26.48. This has been driven by the retail giant's shares going ex-dividend for its latest dividend. When the Peter Alexander and Smiggle owner released its results late last year, it declared a final fully franked dividend of 60 cents per share. This will be paid to eligible shareholders on 24 January.
Wildcat Resources Ltd (ASX: WC8)
The Wildcat share price is down 1.5% to 66.5 cents. This is despite the lithium explorer announcing that it has recommenced drilling activities at the Tabba Tabba Lithium Project, near Port Hedland, Western Australia. Management said: "The crews have been busy over the Christmas break upgrading our camp and site infrastructure for the continuation and expansion of our aggressive drill programs at Tabba Tabba."
