The S&P/ASX 200 Index (ASX: XJO) is back on form and charging notably higher on Thursday. At the time of writing, the benchmark index is up 0.95% to 8,364.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Appen Ltd (ASX: APX)
The Appen share price is down 3% to $2.11. This appears to have been driven by the artificial intelligence (AI) data services provider's recent institutional placement. Earlier this week, it successfully raised approximately $50 million through the issue of approximately 26 million new shares. These funds were raised at $1.92 per new share, which represented an 11.5% discount to its last close price. The allotment of these new shares took place today, meaning a quick profit was on offer for institutional investors if they wanted to take it.
DUG Technology Ltd (ASX: DUG)
The DUG Technology share price is down 7% to $2.02. This has been driven by the completion of technology company's institutional placement this morning. DUG Technology has received firm commitments for a non-underwritten $30 million institutional placement at $1.90 per new share. This represents a 12.8% discount to its last close price. Management advised that the proceeds raised will be used to accelerate its growth trajectory, including investment in new verticals and geographic expansion.
OFX Group Ltd (ASX: OFX)
The OFX Group share price is down 32% to $1.56. This follows the release of a first half update from the international money services provider. For the six months ended 30 September, OFX expects to deliver net operating income of approximately $111 million and underlying EBITDA of approximately $29 million. Management acknowledges that this outcome is lower than anticipated. It blamed the underperformance partly on the "later than anticipated shifts in the interest rate cycle, and corresponding range-bound key currency corridors as a result of the strong USD, [which] resulted in a slower rebound in Corporate confidence."
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down 4% to $125.81. This is despite there being no news out of the logistics solutions company today. Though, it is worth noting that its shares have been on fire this year. This could mean that some investors are taking a bit of profit off the table today. For example, despite today's decline, WiseTech Global's shares are up a sizeable 65% since the start of 2024.
