In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.75% to 8,455.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Bell Financial Group Ltd (ASX: BFG)
The Bell Financial Group share price is down 2.5% to $1.28. This follows news that the financial services company has signed a deal to acquire SelfWealth Ltd (ASX: SWF). The two parties have agreed a price of 25 cents per share. Bell Financial Group's chair, Brian Wilson AO, said: "We look forward to working with Selfwealth to ensure a smooth integration of our two businesses with minimal client disruption. Our intention is to maintain the Selfwealth brand and to further develop the client value proposition which we expect will result in ongoing growth."
IPD Group Ltd (ASX: IPG)
The IPD Group share price is down 12.5% to $3.66. Investors have been selling the shares of this electrical solutions provider in energy management and automation after its guidance for the first half of FY 2025 fell well short of expectations. First half EBITDA is expected to be $22.5 million to $23.1 million, which is down from $24.8 million a year ago. Bell Potter was forecasting EBITDA growth of 33% for the full year. IPD will need a significantly stronger second half if it is going to achieve this.
Megaport Ltd (ASX: MP1)
The Megaport share price is down a further 3% to $7.33. Investors have been selling this network as a service provider's shares since it released its annual general meeting update last week. Management advised that it continues to expect FY 2025 revenue of $214 million to $222 million, which represents a 9.6% to 13.7% year-on-year increase. It also advised that it expects a similar level of revenue growth in FY 2026, which was short of what the market was forecasting. This is disappointing given that Megaport has been investing heavily in its growth. Nevertheless, Goldman Sachs remains bullish and has put a buy rating and $10.40 price target on its shares.
Resolute Mining Ltd (ASX: RSG)
The Resolute Mining share price is down 5% to 38.5 cents. This gold miner's shares have come under significant pressure this month after a number of executives were detained by the Mali government. Following today's decline, its shares are now down approximately 55% since this time last month.
