In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.5% to 8,441.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Iluka Resources Ltd (ASX: ILU)
The Iluka share price is down almost 9% to $4.86. This follows the release of weak fourth quarter update from the mineral sands company. This weak performance led to the company reporting an 8.9% decline in mineral sands revenue to $1,128 million for the full year. Things will be worse for its earnings before interest and tax (EBIT), which is expected to be in the range of $330 million to $340 million (excluding a contribution from Deterra). This will be down from $492.3 million in FY 2023 (including a $27.3 million contribution from Deterra).
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is down 4% to $2.67. Investors may be taking profit after some strong gains over the past 12 months. Thanks to its proposed merger with Chemist Warehouse, Sigma's shares have rallied 180% since this time last year. Voting on the merger will take place next week on 29 January.
Wildcat Resources Ltd (ASX: WC8)
The Wildcat Resources share price is down 3% to 24.7 cents. This follows the release of the lithium explorer's quarterly update. Commenting on the quarter, management said: "During the quarter the Company delivered its inaugural Mineral Resource estimate "MRE" for the Tabba Tabba Lithium Project. The MRE is a significant milestone and demonstrates the Company's ability to rapidly progress the Project from discovery through development." Wildcat ended the period with a cash balance of $63.6 million.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down almost 2% to $25.25. Investors have been selling the energy giant's shares following the release of its fourth quarter update. Woodside reported a 3% decline in quarterly production to 51.4 million barrels of oil equivalent (MMboe). This reflects the unplanned shutdown at Woodside's Pluto project and led to quarterly revenue falling 6% to US$3.47 billion. Woodside's CEO, Meg O'Neill, was pleased with the quarter. She said: "Our high-quality assets continued to deliver outstanding performance in the quarter, underpinned by Sangomar producing 75 thousand barrels of oil equivalent per day at 95% reliability, driving record annual production of 194 million barrels of oil equivalent."
