The S&P/ASX 200 Index (ASX: XJO) has returned from the Christmas break with a belated gift for investors. In afternoon trade, the benchmark index is pushing higher and is currently up 0.5% to 8,262.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are ending the week in the red:
Cettire Ltd (ASX: CTT)
The Cettire share price is down over 1% to $1.42. This online luxury products retailer's shares have had an incredibly volatile year. After starting 2024 at $2.92, Cettire's shares were up as much as $4.90 in February and have now given back these gains and plenty more. So much so, the company's shares are now down 51% since the start of the year. The team at Bell Potter isn't likely to see this as a buying opportunity for investors. After being positive on the company for most of the year, the broker recently downgraded its shares to a hold rating with a $1.45 price target. This is only a touch ahead of where they trade at the time of writing.
Digico Infrastructure REIT (ASX: DGT)
The Digico Infrastructure REIT share price is down 1.5% to $4.49. This data centre focused property company's shares have been out of form since completing an initial public offering (IPO) early this month. The Digico Infrastructure REIT had a listing price of $5.00 per share, which means they are now down by 10% since their IPO. Investors appear to believe its shares were overvalued when listing.
KMD Brands Ltd (ASX: KMD)
The KMD Brands share price is down over 4% to 37 cents. This is despite there being no news out of the Kathmandu, Rip Curl, and Oboz owner today. However, it seems that some investors may believe that the retailer's performance won't have improved during the all-important holiday period. In November, the company released a first quarter update and revealed the sales were down 5.8% during the first quarter.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down almost 1% to $123.05. This may have been driven by news that its founder Richard White has been selling down his holding again. The logistics solutions company revealed that White sold over 3.5 million shares through a series of on-market trades, reducing his stake in WiseTech from 37.7% to 36.6%.
