In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to end the shortened week on a positive note. At the time of writing, the benchmark index is up 0.9% to 7,889.3 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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Burgundy Diamond Mines Ltd (ASX: BDM)
The Burgundy Diamond Mines share price is down 7% to 20 cents. This morning, this diamond miner released its end of year report. It reported $257.5 million revenue from a total of 2.6M carats sold and EBITDA of $69.1 million.
Clarity Pharmaceuticals Ltd (ASX: CU6)
The Clarity Pharmaceuticals share price is down 3.5% to $2.75. This follows the completion of the pharmaceuticals company's institutional placement and entitlement offer. Clarity was able to raise a total of $110 million at a 10.5% discount of $2.55 per new share. Management notes that this provides funding to continue developing its best-in-class portfolio of radiopharmaceuticals and progressing towards a number of significant milestones in its therapeutic and diagnostic product pipeline.
EML Payments Ltd (ASX: EML)
The EML Payments share price is down 3% to $1.23. This may have been driven by profit taking from some investors following a very strong gain recently. For example, even after today's weakness, the payments company's shares are still up 33% since this time last month.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 5% to $1.42. This also appears to have been driven by profit taking. After all, this buy now pay later provider's shares have been on fire in recent weeks. So much so, they remain up over 120% since the start of 2024. A strong performance in FY 2024 and some bullish broker notes have been the keys to its outperformance.
