The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.3% to 8,376.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Catalyst Metals Ltd (ASX: CYL)
The Catalyst Metals share price is down almost 4% to $6.38. This has been driven by news that the gold miner has completed a $150 million institutional placement. These funds are being raised at an issue price of $6.00 per new share. This represents a 9.6% discount to its last close price. Management advised that the placement was strongly supported by existing institutional shareholders and new high quality Australian and international institutional investors. CEO, James Champion de Crespigny, commented: "Over the past two years, Catalyst has steadily worked toward de-risking and simplifying its business. We felt the timing was right to bring further institutional support to our register. With almost $250m in cash, Catalyst is well funded to grow production at Plutonic, continue to explore the belt and pursue other growth initiatives."
Duratec Ltd (ASX: DUR)
The Duratec Ltd share price is down almost 5% to $1.48. This morning, this leading contractor downgraded its guidance for FY 2025. It now expects revenue of $570 million to $585 million and EBITDA of $50 million to $53 million. This compares to its previous guidance ranges of $600 million to $640 million and $52 million to $56 million. Management blamed the downgrade on delays in expected project awards and weather disruptions.
Nufarm Ltd (ASX: NUF)
The Nufarm share price has continued its slide and is down a further 4.5% to $2.51. This crop protection company's shares have been sold off this week following the release of its half year results. Nufarm reported a 3% lift in revenue to $1,811 million but a 39% decline in statutory net profit after tax to $29.8 million. Its Seed Technologies business was to blame, reporting a 71% decline in underlying EBIT to $15.9 million. This was driven by lower licensing revenues, lower margins in omega-3, and lower canola revenues in Australia.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is down over 1% to $117.53. This has been driven by news that the mining giant's CEO, Jakob Stausholm, will be stepping down from the role later this year. He will continue to lead Rio Tinto as chief executive and a member of the board of directors while a successor is appointed. Rio Tinto advised that a "rigorous selection process" is now underway.
