In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.55% to 8,859.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Myer Holdings Ltd (ASX: MYR)
The Myer Holdings share price is down 27% to 47 cents. Investors have been selling this retailer's shares following the release of its FY 2025 results. The company reported a 0.5% increase in sales and a 13.8% decline in EBIT for FY 2025. This was despite Myer benefitting from a six-month contribution from the Apparel Brands business. Management notes that its profit decline reflects the inclusion of Apparel Brands being more than "offset by challenged retail conditions which impacted profitability and increased costs of doing business which affected both businesses." In light of its poor performance, the Myer board decided against paying a final dividend in FY 2025.
Nickel Industries Ltd (ASX: NIC)
The Nickel Industries share price is down 2% to 71 cents. This morning, the nickel producer revealed plans to issue new senior unsecured notes. It also intends to concurrently tender for its existing 11.25% senior unsecured notes maturing in October 2028. This is part of management's aim to extend the company's debt maturity profile.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum Asset Management share price is down 2% to 71.5 cents. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has downgraded its shares to a hold rating (from buy) with an improved price target of 70 cents (from 60 cents). This follows news that its merger with L1 has been approved by shareholders. Bell Potter said: "We continue to believe this is a good deal for PTM shareholders, who now have a revised operating model, and a route to growth. Much still depends upon the continued growth in the L1 funds and outflow or retention of PTM funds, which could provide upside or downside."
Vault Minerals Ltd (ASX: VAU)
The Vault Minerals share price is down almost 6% to 65 cents. This may have been caused by a broker note out of UBS. According to the note, the broker has downgraded the gold miner's shares to a neutral rating with a trimmed price target of 72 cents. It made the move after its medium term production guidance fell short of the broker's expectations.
