The S&P/ASX 200 Index (ASX: XJO) is edging higher on Wednesday. At the time of writing, the benchmark index is up 0.1% to 8,215.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
29Metals Ltd (ASX: 29M)
The 29Metals share price is down almost 19% to 46 cents. This follows the release of the copper miner's quarterly update this morning. 29Metals revealed a sharp decline in copper production and a significant jump in C1 costs for the period. Production was down 31% to 4.4kt and C1 costs rose 120% to US$2.52 per pound. This has been driven by the suspension of its Capricorn Copper operations due to weather impacts earlier this year.
Codan Ltd (ASX: CDA)
The Codan share price is down almost 4% to $15.27. Investors have been selling the metal detector company's shares following the release of a trading update at its annual general meeting. Management said: "While we continue to target high single-digit revenue growth in Minelab's Rest of World division, we are currently observing some softness in our largest market, North America, as we approach the US elections. Despite this weakness, we still expect Minelab's first half revenues to be ahead of last year."
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price is down 1.5% to $3.05. This has been driven by news that the property listings company's CEO is leaving. According to the release, after six years at the helm, CEO Jason Pellegrino and the Domain Board have agreed to initiate a leadership transition process. Pellegrino will continue as CEO for a period of three to six months to support the succession process before departing the business.
Playside Studios Ltd (ASX: PLY)
The Playside Studios share price is down 27% to 52 cents. This has been driven by the release of disappointing guidance for FY 2025. The game developer revealed that it expects revenue to be between $62 million and $68 million. This represents a 4% decline to a 5.2% increase on FY 2024's revenue of $64.6 million. Things were even worse for its earnings before interest, tax, depreciation, and amortisation (EBITDA). Management is guiding to a range of $0 million to $5 million, which will be a sharp decline on the $17.5 million it recorded in FY 2024. This is largely due to FY 2025 being a year of heavy development and investment, with a number of key releases coming in the next calendar year.
