In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.6% to 8,590.6 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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Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price was down 4.5% to 57.5 cents before being placed into a trading halt. Its trading halt request states: "Meteoric is seeking the trading halt pending release of an announcement in response to media speculation in relation to the Preliminary License (LP) approval process." There is speculation that authorities in Brazil have recommended that the preliminary license for its rare earth mining project be suspended urgently. This would be a big blow to the rare earths developer.
Race Oncology Ltd (ASX: RAC)
The Race Oncology share price is down 9% to $2.64. This is despite the announcement of a positive development from the oncology company this morning, Race revealed that it has received human ethics approval from the St Vincents Hospital Melbourne Human Research Ethics Committee (HREC) to initiate a Phase 1a/b clinical trial. It will assess the safety, tolerability, and pharmacokinetics (PK) of RC220 with Osimertinib. This will be in patients with non-small cell lung cancer that have activating epidermal growth factor receptor mutations. Patient enrolment is subject to final institutional approval and site activation by Monash Health, which is expected in late Q4 2025 to early Q1 2026.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down 33% to $13.67. This morning, this online homewares retailer reported an 18% increase in sales for July to 20 November. While this is sales growth that most companies would be envious of, the market was expecting an even stronger growth rate for the first half of FY 2026. They don't appear to believe that Temple & Webster will be able to make up the ground over the final weeks of the half.
West African Resources Ltd (ASX: WAF)
The West African Resources share price is down over 13% to $2.63. This gold miner's shares have crashed down to earth after returning from a three-month suspension. The gold miner has been busy negotiating with the Burkina Faso government after it requested a larger equity interest in its Kiaka operation. West African Resources' chair and CEO, Richard Hyde ,said: "Our discussions regarding the ownership structure of our recently constructed Kiaka Project have reflected a shared vision to develop a strong and sustainable mining industry that benefits the Burkinabe people and delivers long-term value for all stakeholders. Sanbrado and Toega have not been part of these discussions."
