The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. In afternoon trade, the benchmark index is up 0.95% to 8,555.1 points.
Four ASX shares that have failed to follow the marker higher today are listed below. Here's why they are falling:
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APA Group (ASX: APA)
The APA Group share price is down 1.5% to $8.55. This morning, this energy infrastructure company announced its latest distribution. According to the release, the company plans to pay 30 cents per share for the second half of FY 2025. This represents a 1.7% increase on what it paid in the prior corresponding period. However, this is unlikely to be the reason for the decline in its share price today. That's more likely to be down to the company's shares being a popular safe haven option for investors. And with Iran and Israel agreeing to a ceasefire, investors may be switching to risk on assets.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 6.5% to $1.71. This appears to have been driven by the aforementioned news that Iran and Israel have agreed to a ceasefire. While this is great news for the world, some investors may have been betting on a longer conflict leading to increased demand for the counter drone technology company's products. In addition, profit taking could be happening today. Even after today's decline, the DroneShield share price is up over 120% since the start of the year.
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is down 9% to $2.37. Much like DroneShield, this defence and space company's shares have been booming this year. A key driver of this has been the announcement of a new order for Remote Weapon Systems (RWS) worth approximately $53 million. It advised: "The order is for EOS' flagship "Slinger" Counter-Drone Remote Weapon System (RWS), and the systems will be configured for naval deployment. The systems will be supplied with a range of weapon configurations, and include some systems with cannons." Investors may have been pricing in more sales like these until the ceasefire was announced.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 8% to $23.68. Investors have been selling this energy giant's shares today after oil prices crashed overnight. Traders were selling oil in response to easing tensions in the Middle East. Oil prices were down 7% overnight and have continued to fall during Asian trade.
