The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday. In afternoon trade, the benchmark index is up 0.3% to 7,804.5 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 a further 9.5% to 36.2 cents. Investors have been hitting the sell button this week after the copper miner announced the suspension of operations at Capricorn Copper. This follows an extended period of rainfall between late January and mid-March, which resulted in a steady accumulation of water in regulated structures on site. These levels are similar to those following the March 2023 extreme weather event that hit the company very hard.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 3% to 32 cents. This has been driven by news that the semiconductor company is raising more funds through its put option agreement with LDA Capital. This appears to be an indication that the company doesn't expect to generate any meaningful revenue in the near future.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down 21% to $1.03. Investors have been selling this fund manager's shares after it announced a large fund outflow. Platinum expects to receive partial redemptions of at least $1.4 billion from its institutional and wholesale business over the coming month. It also warned that one large client is indicating that it intends to rebalance its exposure away from benchmark agnostic global equity managers.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down 3% to $31.03. This morning, analysts at Goldman Sachs responded to the retail giant's half-year results by retaining their sell rating with an improved price target of $25.10. Commenting on plans to divest Smiggle and Peter Alexander, the broker said: " Scenario analysis of Smiggle/PA global opportunities suggests A$22.7-A$31.9/sh valuation rage vs our TP of A$25.1/sh."
