In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is racing higher again and on course to end the week on a very positive note. At the time of writing, the benchmark index is up 1% to 7,965.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling on Friday:
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GR Engineering Services Ltd (ASX: GNG)
The GR Engineering Services share price is down almost 4% to $2.03. This follows news that mining giant BHP Group Ltd (ASX: BHP) has temporarily suspended its Nickel West operations and the West Musgrave Project. GR Engineering had entered into contracts with BHP for the design and construction works of the West Musgrave Project in Western Australia. Given the timing of the suspension, there will be no impact in FY 2024. However, in FY 2025, GR Engineering is forecasting that revenue from the West Musgrave Project will be up to $80 million lower than expected.
Infratil Ltd (ASX: IFT)
The Infratil share price is down 1.5% to $9.93. This morning, this infrastructure investment company announced that it has elected to exercise its discretion to accept oversubscriptions for the retail component of its equity raising. Infratil is accepting an additional NZ$125 million of subscriptions, bringing the total amount raised under the retail offer to NZ$275 million. Combined with the institutional component, Infratil will now be raising NZ$1,275 million. The proceeds of the equity raising will be used to fund further investment into data centre operator CDC's accelerating growth as well as provide more flexibility for growth across its global portfolio.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is down 1.5% to $13.81. This appears to have been driven by some profit taking following strong gains on Thursday. Investors were buying ASX uranium stocks in response to news of a new uranium extraction tax increase in Kazakhstan. There are concerns that this tax increase could impact supply growth from the world's largest uranium producer, Kazatomprom.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down 3.5% to $95.37. Investors have been selling WiseTech Global and other high-flying ASX tech stocks today following a selloff on Wall Street's NASDAQ index overnight. Investors in the United States were rotating out of 2024's strongest performers and into other areas of the market. This led to the Nasdaq index dropping a sizeable 1.95% on Thursday.
