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 7,507.4 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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29Metals Ltd (ASX: 29M)
The 29Metals share price is down 9.5% to 63.5 cents. Investors have been selling the copper miner's shares today after it responded to an ASX price query. The company was quizzed on why its shares have rocketed this week. Management advised that it was not aware of the reason why its shares rose from 57 cents to 80.5 cents between 9 January and 10 January.
Alumina Limited (ASX: AWC)
The Alumina share price is down 2.5% to $1.12. This may have been driven by profit-taking from investors after some very strong gains this week. In addition, Citi has just downgraded its shares to a neutral rating with an improved price target of $1.15. It made the move on valuation grounds.
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down 1.5% to $1.53. Investors have been selling Beach Energy's shares following a pullback in oil prices overnight after a surprise inventory build in the United States.
Worley Ltd (ASX: WOR)
The Worley share price is down 3% to $16.01. This has been driven by unfavourable arbitration results in relation to its Ecuadorian dispute. Worley advised that it disagrees with the decision and is considering the options for further legal proceedings. It also notes that the decision was supposed to be confidential, but Ecuador has since made the decision public. In addition, it has denied allegations of corruption.
