The S&P/ASX 200 Index (ASX: XJO) was on form on Tuesday and continued its recovery. The benchmark index rose 0.2% to 7,761.7.
Four ASX shares that failed to follow the market higher today are listed below. Here's why they fell on Tuesday:
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Bellevue Gold Ltd (ASX: BGL)
The Bellevue Gold share price sank 22% to 89.5 cents. Investors were selling this gold miner's shares after it downgraded its production guidance and raised capital. In respect to the latter, Bellevue Gold revealed that it has received firm commitments for a placement to institutional, sophisticated, and professional investors to raise a total of $156.5 million before costs. These funds are being raised at $0.85 per new share, which represents a 25.8% discount to its last close price. The proceeds will be applied to the closure of hedged ounces through the remainder of 2025, providing the company with improved exposure to the spot gold price through that period, and for general working capital to support ongoing operations.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price tumbled almost 8% to $8.00. This morning, the quick service restaurant operator announced a strategic review and management changes. The former includes the company giving up on the Taco Bell brand in Australia. It said: "Collins Foods has decided to exit its Taco Bell business. Discussions are currently underway with Taco Bell International (TBI) regarding a potential transition of the business to new ownership. Collins Foods intends to complete the transition within the next 12 months, subject to formal terms being agreed."
Hub24 Ltd (ASX: HUB)
The Hub24 share price fell 3% to $65.46. This was driven by the release of the investment platform provider's third quarter update. Hub24 reported record third quarter platform net inflows of $4.9 billion, which was up 39% on the prior corresponding period. This includes a large migration of $1.3 billion. This means that total funds under administration reached $124.1 billion at the end of March, up 24% since this time last year.
Zip Co Ltd (ASX: ZIP)
The Zip share price was down 1.5% to $1.48. This was despite there being no news out of the buy now pay later provider. However, with its quarterly update due to be released on Wednesday, it is possible that some investors were taking profit just in case it falls short of expectations with tomorrow's release. Zip's shares remain up 23% since this time last week thanks partly to a tech rebound and news of an on-market share buyback.
