The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday. In early afternoon trade, the benchmark index is up 0.4% to 8,617 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Block Inc (ASX: XYZ)
The Block share price is down 6% to $92.47. This follows a rough session for Block's shares on the NYSE on Tuesday. This appears to have been driven by a press release, which revealed that it handled over 124 million transactions across its Square, Cash App, and Afterpay platform, during the Black Friday and Cyber Monday shopping weekend. While this is a 10% increase from last year, it seems that some investors were expecting stronger growth.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is down 5% to $10.64. This KFC restaurant operator's shares have come under pressure since the release of its half year results for FY 2026 this week. Although Collins Foods delivered strong profit growth and upgraded its guidance, it wasn't enough for some investors. This morning, Ord Minnett downgraded its shares to a hold rating with a $10.50 price target. It believes that competition is increasing and suspects the second half could be much tougher.
Perseus Mining Ltd (ASX: PRU)
The Perseus Mining share price is down 3.5% to $5.51. This follows news that the gold miner has tabled an offer to acquire Predictive Discovery Ltd (ASX: PDI). The gold miner has offered 0.136 new Perseus shares per Predictive Discovery share. This valued each Predictive Discovery share at 77.8 cents, which implies a fully diluted valuation of approximately $2.1 billion and represents a premium of 24.5% to its last close price. Management believes that "the transaction enhances Perseus's portfolio quality and the company's African gold platform." It seems that some investors think the miner is overpaying after outbidding a rival.
Robex Resources (ASX: RXR)
The Robex Resources share price is down 13% to $4.67. Investors have been selling this gold miner's shares after Perseus' offer ruined its own merger plans with Predictive Discovery. In October, the two Africa-focused miners signed an agreement to merge. At the time, it noted that it "combines two of the potentially largest, lowest cost and most advanced gold projects in West Africa, enhancing scale, access to capital, strategic relevance and competitiveness."
