In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.2% to 8,135.1 points.
Four ASX shares that are failing to follow the market higher today are listed below. Here's why they are dropping:
Auckland International Airport Limited (ASX: AIA)
The Auckland International Airport share price is down 1.5% to $6.84. This follows news that the airport operator has completed the bookbuild for its NZ$1.2 billion fully underwritten placement. Management notes that the placement was strongly supported, attracting bids well in excess of the NZ$1.2 billion total offer amount from existing institutional and other select investors in both local and offshore markets. These funds will be raised at NZ$6.95 per new share. This represents a discount of 7% to the ex-dividend adjusted last close price of NZ$7.48. The funds will be used to support the construction of a new domestic jet terminal. It is currently operating with infrastructure built in the 1960s.
Austal Ltd (ASX: ASB)
The Austal share price is down over 3% to $2.61. This appears to have been driven by profit taking from some investors after strong gains were recorded in recent sessions. In fact, even after today's pullback, the Austal share price remains up 25% since this time last week. On Monday, Austal announced a major contract win in the United States. It was awarded a US$450 million (~A$670 million) contract by General Dynamics Electric Boat. This contract will enable Austal USA to expand production capacity at its US shipyard in support of the U.S. Navy Submarine Industrial Base (SIB).
Cettire Ltd (ASX: CTT)
The Cettire share price is down a further 3.5% to $1.37. Investors have been selling this online luxury products retailer's shares amid concerns over potential changes to duty-free thresholds in the United States. According to the AFR, analysts at Barrenjoey estimate that the proposed legislation could disrupt Cettire's pricing advantage, which could mean slower growth and lower margins than the market has been pricing in for the company.
Liontown Resources Ltd (ASX: LTR)
The Liontown Resources share price is down almost 13% to 65.2 cents. This is despite there being no news out of the lithium miner today. However, most lithium shares are trading lower on Tuesday. It appears that optimism around a rebound in lithium prices could be fading fast. Liontown's shares are now down 12% from Thursday's peak.
