The S&P/ASX 200 Index (ASX: XJO) is having another positive session on Wednesday. At the time of writing, the benchmark index is up 0.7% to 8,522.7 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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Betr Entertainment Ltd (ASX: BBT)
The Betr Entertainment share price is down 4% to 34 cents. This morning, Pointsbet Holdings Ltd (ASX: PBH) revealed that it has received a new takeover offer from MIXI today. It has increased its cash consideration from $1.06 per share to $1.20 per share. Betr is hoping to acquire Pointsbet in a deal valued at $1.28 per share. However, the Pointsbet board continues to unanimously recommend MIXI's offer. The market may feel that MIXI is now in the driving seat.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is down 2% to $9.30. This follows a pullback in the gold price overnight. It isn't just Evolution Mining that is falling today. A number of gold miners are under pressure on Wednesday, which has led to the S&P/ASX All Ordinaries Gold index falling 0.7% today.
NIB Holdings Limited (ASX: NHF)
The NIB Holdings share price is down almost 2% to $6.84. This may have been driven by profit taking from some investors following a strong gain since the start of the year. For example, despite today's decline, the private health insurer's shares are up 24% since the end of 2024. On Tuesday, the team at Morgan Stanley put an equal-weight (hold) rating on its shares with a price target of $6.85. This is largely in line with where its shares are trading today.
West African Resources Ltd (ASX: WAF)
The West African Resources share price is down 2.5% to $2.76. This morning, this gold miner released an update on its operations in Burkina Faso. According to the release, the company will be handing over an additional 5% stake in its operating projects to the Government of Burkina Faso in response to its new mining code. This will see the government's free-carried equity interest increase from 10% to 15% for its three operating projects. The West African Resources' executive chairman, Richard Hyde, commented: "WAF has agreed to align the Burkina Faso Government's equity ownership of its mining projects with the 2024 mining code, being a 5% increase in the State's free carried equity interest from 10% to 15%."
