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 0.4% to 8,621.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Image source: Getty Images
Aeris Resources Ltd (ASX: AIS)
The Aeris Resources share price is down almost 4% to 52 cents. This morning, this copper miner revealed that it has increased its share purchase plan (SPP) offer in response to strong demand. Aeris was looking to raise $10 million at 45 cents per share, but received applications in excess of $21.6 million. It has decided to increase the offer instead of scaling back applications, with all valid applications accepted. Aeris Resources advised that proceeds from the share purchase plan will be applied to general working capital.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is down 2.5% to $26.31. On Thursday, this investment platform provider has agreed to pay $100 million in compensation to First Guardian investors. In response, Ord Minnett has retained its hold rating on Netwealth's shares with a reduced price target of $27.75 (from $29.00). This implies potential upside of approximately 5.5% for investors. Elsewhere, the team at Citi remains positive and has retained its buy rating with a reduced price target of $30.65 (from $35.00).
Nova Minerals Ltd (ASX: NVA)
The Nova Minerals share price is down 12% to 90.5 cents. This gold and critical minerals stock has returned from suspension today after announcing the pricing of a US$20 million NASDAQ offering. The company advised that it intends to use the proceeds for planned exploration and development activities on its Estelle Project. This includes additional drilling and exploration, feasibility and environmental studies, camp expansion, permits and approvals, initial development activities, and for general corporate purposes and working capital.
Paragon Care Ltd (ASX: PGC)
The Paragon Care share price is down a further 9% to 20.5 cents. This medical equipment, devices, consumables, and pharmaceuticals provider's shares have been hammered this week. This has been driven by news that receivers and administrators have been appointed to 54 pharmacies in the Infinity Retail Pharmacy Group after it failed to repay its Wesfarmers Ltd (ASX: WES) debt. Paragon Care was also owed $47 million and that repayment now looks unlikely.
