The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Thursday. In afternoon trade, the benchmark index is up 0.75% to 8,625.6 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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29Metals Ltd (ASX: 29M)
The 29Metals share price is down 7% to 32 cents. Investors have been selling this copper miner's shares following the release of its quarterly update. The company reported copper production of 5.6kt at Golden Grove, which was a sizeable increase on the 4.1kt reported in the previous quarter. However, increasing at an even greater rate was its C1 costs, which ballooned to US$2.09 per pound from just 76 US cents per pound in the last quarter.
CAR Group Limited (ASX: CAR)
The CAR Group share price is down 2% to $36.75. This auto listings company's shares have come under pressure today after announcing the exit of its long-serving CEO. According to the release, Cameron McIntyre is stepping down as managing director and CEO after 18 years with the company. The carsales.com.au owner revealed that William Elliott, its current chief financial officer, will replace McIntyre from 15 August 2025. Commenting on his exit, McIntyre said: "As CEO, the past nine years have been the highlight of my career. From the very beginning, I have been inspired by the passion, resilience, and innovation of our team. Together, we have navigated both challenges and opportunities, consistently striving to push the boundaries of excellence in our industry."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down almost 10% to $3.48. This is despite there being no news out of the counter drone technology company. However, today's decline is highly likely to be down to profit taking from some investors after sensational gains in recent weeks. For example, even after today's heavy decline, DroneShield shares are up approximately 85% since this time last month. This has been driven by a series of major announcements revealing big contract wins and investments in its R&D capabilities.
Santana Minerals Ltd (ASX: SMI)
The Santana Minerals share price is down 4% to 59 cents. This gold developer's shares are under pressure today following the release of a drilling update from the Rise and Shine (RAS) deposit. The company said: "These holes are the first from a broader programme aimed at upgrading the sparsely drilled Inferred resource down plunge to the north. Results show thick, high-grade zones with infills enhancing the consistency and tenor of the 'HG1' high-grade domain." It seems that some investors were expecting even more from the drilling results.
