The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is pushing higher. In afternoon trade, the benchmark index is up 0.2% to 8,606.5 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are falling:
Image source: Getty Images
Austal Ltd (ASX: ASB)
The Austal share price is down 2.5% to $6.03. This may have been driven by profit taking from some investors following a strong gain on Tuesday. Investors were buying the shipbuilder's shares for a couple of reasons. One was news that it will be added to the benchmark ASX 200 index at June's quarterly rebalance. The other was Austal revealing that South Korean shipbuilder and substantial shareholder, Hanwha Group, has received approval from the Committee on Foreign Investment in the United States (CFIUS) to increase its shareholding in Austal by up to 100%. Hanwha currently holds a 9.9% stake in the company and a further 9.9% economic interest through a cash settled total return swap. It is now seeking approval from Australian regulators to boost its equity position in Austal to 19.9%.
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down over 6% to $1.25. Investors have been selling this energy producer's shares after it was the subject of a broker note out of UBS. According to the note, the broker has downgraded Beach Energy's shares to a neutral rating with a trimmed price target of $1.35. UBS made the move due to weaker domestic gas price forecasts and limited near-term catalysts.
Perseus Mining Ltd (ASX: PRU)
The Perseus Mining share price is down 6% to $3.62. This follows the release of the gold miner's five-year outlook this morning. Perseus revealed that it expects to produce a total of between 2.6 million and 2.7 million ounces of gold over the next five financial years. This equates to an average of 515,000 to 535,000 ounces annually. However, its production is expected to dip in FY 2026 and FY 2027 before rebounding. In addition, management advised that it expects an all-in sustaining cost that is higher than what it has recorded in FY 2025.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum Asset Management share price is down a further 1.5% to 51.7 cents. Investors have been selling this fund manager's shares this week following the release of its funds under administration (FUM) update for the month of May. Platinum reported FUM of $8,339 million at the end of the period. This was down a sizeable 13.5% from the end of April.
