The S&P/ASX 200 Index (ASX: XJO) is having a better session on Friday. In afternoon trade, the benchmark index is up a solid 0.65% to 7,811.1 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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Abacus Group (ASX: ABG)
The Abacus share price is down 3% to $1.15. This has been driven by the commercial property company's shares going ex-dividend this morning for its upcoming final dividend. Last week, the company declared a 4.3 cents per share unfranked dividend. This brought its total dividends for FY 2024 to 8.6 cents per share. Eligible shareholders can look forward to receiving this final dividend in a couple of months on 30 August.
Bannerman Energy Ltd (ASX: BMN)
The Bannerman Energy share price is down 9% to $3.26. This ASX uranium stock is falling today after it received firm commitments for a two-tranche placement of approximately 25.8 million new shares to new and existing institutional and sophisticated investors. Bannerman Energy advised that these funds were raised at a 7.8% discount of $3.30 per new share, which will raise gross proceeds of approximately $85 million. The funds raised from the placement will be applied towards the development of the Etango-8 Project in the Erongo Region of Namibia.
Immutep Ltd (ASX: IMM)
The Immutep share price is down a further 9% to 30.5 cents. Investors have been selling this clinical-stage biotechnology company's shares since the release of topline results from the TACTI-003 Phase IIb Trial on Thursday. Immutep's trial is evaluating eftilagimod alfa (efti) in combination with anti-PD-1 therapy Keytruda (pembrolizumab) as first-line treatment of recurrent/metastatic head and neck squamous cell carcinoma patients (1L HNSCC). Although the company reported positive results, it didn't include a p-value with them. This decision seems to have left investors fearing that the results were not statistically significant.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 3% to $3.16. This is despite there being no news out of the lithium miner today. However, it is worth noting that ASX lithium stocks have been rebounding this week. Today's decline could have been driven by profit taking from some investors. Especially after lithium miners on Wall Street tumbled into the red during overnight trade. Pilbara Minerals' shares are down by a disappointing 33% since this time last year amid concerns over falling lithium prices.
