The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Tuesday. In afternoon trade, the benchmark index is up 0.7% to 7,985 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 5% to $1.47. Investors have been selling this counter drone technology company's shares this week following the release of its half year update. In response to the update, Bell Potter downgraded DroneShield's shares to a hold rating (from buy) with an improved price target of $1.60 (from $1.00). It said: "The company continues to be an attractive vehicle for exposure to popular investment themes, including geopolitical tensions, increasing use of drones and the rise of AI. However, at its current valuation DRO will attract increased scrutiny over its short-term performance and future contract announcements, thus we anticipate continued share price volatility."
Ora Banda Mining Ltd (ASX: OBM)
The Ora Banda Mining share price is down almost 5% to 40.5 cents. This has been driven by the release of the gold miner's fourth quarter update. During the quarter, Ora Banda produced a total of 19,271 ounces, which was up 11% on the previous quarter. This was achieved with an all-in sustaining cost (AISC) of A$2,878 per ounce. For the full year, Ora Banda's production came to 69,932 ounces at an AISC of A$2,767 per ounce. This was in line with its production guidance and represents a 46% year on year increase. It seems that some investors were expecting a stronger performance.
Step One Clothing Ltd (ASX: STP)
The Step One share price is down 5% to $1.69. This is despite there being no news out of the online underwear retailer. However, it is worth noting that the company's shares have been on fire this month thanks to a positive trading update. So much so, Step One's shares remain up 23% since the start of July despite today's decline.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is down 3% to $27.76. This follows the release of the energy giant's quarterly update this morning. Woodside reported a 2% quarter on quarter increase in revenue to US$3.03 billion for the second quarter. This was underpinned by quarterly production of 44.4 million barrel of oil equivalent (MMboe), which was down 1% quarter on quarter. And while management has reaffirmed its production guidance of 185 MMboe to 195 MMboe in FY 2024, it will require a much stronger second half to achieve it.
