In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small gain. At the time of writing, the benchmark index is up slightly to 7,751.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Cettire Ltd (ASX: CTT)
The Cettire share price is down 5% to $4.60. This follows news that the online luxury retailer's founder and CEO has sold a large number of shares. According to the release, CEO Dean Mintz has sold 27.5 million shares in the online luxury retailer for $4.63 per share. This represents a whopping ~7.2% of the company's issued capital and a total consideration of approximately $127 million.
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is down almost 2% to $3.86. This follows the release of an update on the building products company's chair succession process. According to the release, its current chair, Bruce Hassall, has decided to step down with immediate effect. Ms Barbara Chapman has been appointed as acting chair.
Lake Resources (ASX: LKE)
The Lake Resources share price is down 6% to 12.7 cents. Investors have been selling this lithium developer's shares after it released an update on its Kachi project in Argentina. Although Lake has identified cost reduction opportunities, it also revealed that its final investment decision on the project is likely to be delayed until late 2025.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 3% to $14.19. This has been driven by the furniture retailer's shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving the company's fully franked 35 cents per share interim dividend later this month on 26 March.
