In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.5% to 8,990 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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Amplitude Energy Ltd (ASX: AEL)
The Amplitude Energy share price is down 2% to 23.5 cents. This follows the release of the energy company's annual report this morning. It seems that some investors have seen something they didn't like. In other news, the company has announced a stock consolidation. If shareholders approve, this will see 11 shares consolidated into 1 share. It believes the move will reduce volatility in its share price, reduce the bid-offer spread, potentially attract additional investors, and better reflect its status as a mature gas production company.
Brazilian Rare Earths Ltd (ASX: BRE)
The Brazilian Rare Earths share price is down almost 4% to $4.03. This morning, this mineral exploration company released its maiden mineral resource estimate for the Amargosa Bauxite-Gallium project. The company's managing director and CEO, Bernardo da Veiga, said: "Amargosa's maiden mineral resource estimate defines a large-scale, high-quality bauxite province with premium alumina grades and low reactive silica – a key advantage as global alumina refineries prioritise higher-quality bauxite specifications from reliable, stable jurisdictions."
Nexgen Energy (ASX: NXG)
The Nexgen Energy share price is down over 2% to $13.38. This follows news that the company has upsized its previously announced equity offering to $600 million at a price of $13.10 per new share. Nexgen was previously seeking to raise $400 million. It intends to use the net proceeds from the offering to advance engineering of the Rook I project, for Rook I pre-production capital costs, and for general corporate purposes.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 1.5% to $24.44. Investors have been selling Northern Star and other ASX gold stocks today following a pullback in the gold price overnight. This has seen the S&P/ASX All Ordinaries Gold index falling by 0.75% today. A spot of profit taking could be taking place today. After all, despite today's softness, Northern Star's shares are up 22% since this time last month and a sizeable 58% year to date.
