The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday and charging higher. In afternoon trade, the benchmark index is up 0.95% to 8,075.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down 4% to $1.37. This follows broad weakness in the uranium industry today which has offset the company's presentation at a mining conference today. In respect to the latter, Deep Yellow has talked up its significant production capability. It notes that "once in production, Deep Yellow will be the largest pure-play uranium producer on the ASX [with] production capacity 7Mlb+ per annum. Management also highlights the "significant exploration upside with potential to develop large scale, long-life projects within the Deep Yellow portfolio."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 17% to $1.67. Investors have been selling this counter drone company's shares after its incredible rally ran out of steam. While DroneShield is growing at a rapid rate, its market capitalisation had ballooned to approximately $2 billion. This was arguably well ahead of fundamentals and has led to a combination of profit taking and then panic selling from investors. And while there has been talk of short selling, the available data at present shows that short interest is still extremely minimal.
Mount Gibson Iron Ltd (ASX: MGX)
The Mount Gibson Iron share price is down 10% to 38.7 cents. This follows the release of the iron ore miner's quarterly update. Mount Gibson reported iron ore sales of 0.9 million wet metric tonnes (wmt) for the June quarter at an average grade of 65.2%. This brought its total sales for the year to 4.1 million wmt at a grade of 65.3%. This was near the upper end of its annual guidance of 3.8 million wmt to 4.2 million wmt. However, its costs came in higher than expected and it is forecasting a sharp decline in iron ore sales volumes in FY 2025.
Praemium Ltd (ASX: PPS)
The Praemium share price is down 9.5% to 47 cents. Investors have been selling this investment platform provider's shares following the release of its quarterly update. This is despite the company reporting a 30% increase in total funds under administration to $57.4 billion. Praemium's CEO, Anthony Wamsteker, was pleased with the quarter. He said: "The strong growth in FUA on VMAAS highlights the tremendous potential of that service. Our non-custodial capability remains market leading and represents a significant opportunity for Praemium."
