The S&P/ASX 200 Index (ASX: XJO) is having a good start to the week. In afternoon trade, the benchmark index is up 0.75% to 7,872.8 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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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 6% to 15.5 cents. This was despite the lithium miner announcing the appointment of its new CEO this morning. The company has appointed Paul Brown as CEO, effective 4 June 2024. The release notes that Mr Brown has a successful professional career spanning 25 years in the Australian resources industry. This includes as the current CEO of $49 million Hastings Technology Metals (ASX: HAS). The company said: "The Board's priorities in selecting a new CEO were identifying someone with lithium mining experience who will consider all options for the restart of mining operations to guide Core's activities in response to the low price lithium environment."
Duratec Ltd (ASX: DUR)
The Duratec share price is down 4% to $1.06. This has been driven by a guidance downgrade from the engineering, construction, and remediation contractor. It was targeting revenue of $570 million to $610 million and EBITDA of $45 million to $52 million in FY 2024. However, due to delays in expected project awards, Duratec now expects revenue of $550 million to $565 million and EBITDA of $46 million to $48 million.
Galan Lithium Ltd (ASX: GLN)
The Galan Lithium share price is down 17% to 24 cents. This morning, this lithium developer announced firm commitments for an equity raising of $14 million to institutional, sophisticated, and professional investors. These funds will be raised at 23 cents per new share. This represents a 20.7% discount to where its shares last traded. The equity raising will provide working capital headroom and financial flexibility for the ongoing development of the Hombre Muerto West (HMW) Phase 1 construction.
Michael Hill International Ltd (ASX: MHJ)
The Michael Hill share price is down 19% to 49.5 cents. Investors have been hitting the sell button today in response to the release of a trading update from the jewellery retailer. It notes that the positive sales momentum it had been expecting through the second half has not materialised. As a result, second half sales are broadly in line with the first half and its margins remain under pressure. This led to its first half earnings being wiped out by a loss in the third quarter.
