In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. At the time of writing, the benchmark index is up 0.2% to 8,697.8 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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Bellevue Gold Ltd (ASX: BGL)
The Bellevue Gold share price is down 7% to $1.67. This follows the release of a production update from the gold miner this morning. Bellevue Gold revealed that underground development was suspended in the last week of December due to a safety incident involving the management of misfires in an active development face. It advised that the development activity did not resume until a detailed assessment was completed, delaying access to high-grade headings which were in production in the Deacon and Viago mine areas. The good news is that underground development resumed on 4 January, at which time access to the high-grade headings was regained.
Harvey Norman Holdings Ltd (ASX: HVN)
The Harvey Norman share price is down 4.5% to $6.59. This has been driven by a broker note out of Jefferies. According to the note, the broker has downgraded the retail giant's shares to a hold rating with a reduced price target of $7.60. This still implies potential upside of 15% for investors over the next 12 months.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down 3.5% to $1.45. This may have been caused by a pullback in oil prices overnight. Traders were selling oil in response to lower demand forecasts and Venezuelan output uncertainty. It isn't just Karoon Energy that is falling today. The S&P/ASX 200 Energy index is down 2.1% at the time of writing.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 1% to $37.77. Investors have been selling the banks this week, possibly on valuation concerns. Morgan Stanley has warned that the big four banks could derate over 2026 against a backdrop of persistent inflation and potential interest rate hikes. The broker highlights that bank shares are trading on elevated price to earnings multiples. It points out that Commonwealth Bank of Australia (ASX: CBA) shares trade at 25x earnings at present. However, it thinks trading conditions in 2026 could see bank share premiums unwind.
