The S&P/ASX 200 Index (ASX: XJO) is having a great session on Wednesday. In afternoon trade, the benchmark index is up 0.7% to 8,000.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
KMD Brands Ltd (ASX: KMD)
The KMD Brands share price is down 3% to 32.5 cents. This follows the release of the retailer's half year results this morning. The Rip Curl, Kathmandu, and Oboz owner reported a 0.5% increase in sales to NZ$470.9 million but a whopping 74.3% decline in underlying EBITDA to NZ$3.9 million. This ultimately led to the company recording an underlying loss after tax of NZ$16.1 million for the period.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is down almost 11% to $5.72. Investors have been selling this uranium producer's shares following the release of an update on the Langer Heinrich Mine (LHM) in Namibia. Due to a one-in-fifty-year rainfall event, the operation has been disrupted, delaying its ramp up. As a result, management does not expect the LHM to achieve nameplate run-rate guidance of 6Mlb by the end of the year and has withdrawn its production guidance for FY 2025.
Sovereign Metals Ltd (ASX: SVM)
The Sovereign Metals share price is down 14% to 84 cents. This follows the completion of an institutional placement today. The rutile and graphite company revealed that it has received firm commitments for a $40 million placement at an issue price of A$0.85 per new share. This represents a 12.8% discount to its last close price. Proceeds from the placement will be used for development activities at the company's Kasiya Rutile-Graphite Project, located in Malawi. This includes permitting, studies, general working capital, and other corporate purposes.
Tuas Ltd (ASX: TUA)
The Tuas share price is down 20% to $5.01. Investors have been hitting the sell button after the Singapore based telco released its half year results before the market open. Tuas reported revenue of $73.2 million and a maiden net profit after tax of $3 million. While both were up sharply on the prior corresponding period, they appear to have fallen short of the market's expectations. Looking ahead, management believes the company is on track to achieve its first full year profit. Tuas shares remain up almost 25% over the past 12 months despite today's weakness.
