In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.45% to 8,909.1 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 20% to $2.56. Investors have been selling this energy company's shares following the release of disappointing drilling results for the Elanora-1 exploration well. It advised that preliminary drilling and logging data recorded no elevated gas readings in the primary target Waarre A reservoir. As a result, management believes the reservoir is water-bearing. Elanora-1 will now be plugged and a sidetrack into the Isabella prospect will be drilled as planned.
G8 Education Ltd (ASX: GEM)
The G8 Education share price is down 18% to 51.75 cents. This follows the release of a market update from the childcare operator. G8 Education revealed that it plans to make a goodwill impairment of approximately $350 million in its full year financial results. This reflects projected future occupancy based on current occupancy levels, current and expected supply and demand levels, and future fee increases and the impact of cost of living pressures. Making things even worse, the company has decided to pause its on-market share buyback and suspend its dividend.
Pmet Resources (ASX: PMT)
The Pmet Resources share price is down 10% to 58.25 cents. This has been driven by news that the lithium developer is pursuing a C$130 million funding boost. This is expected to be achieved through a flow-through private placement and a public offering. It said: "With this funding, we are well positioned to deliver an updated Feasibility Study optimised for CV5, unlock the value of the world-class caesium discovery we made last year, integrate valuable critical minerals coproducts like caesium and tantalum into our development plan, and continue to unlock value across the broader Property through ongoing exploration."
Steadfast Group Ltd (ASX: SDF)
The Steadfast share price is down 10% to $4.47. Investors have been selling the insurance broker network company's shares amid fears that it could be disrupted by artificial intelligence. This follows news that ChatGPT's owner, OpenAI, has made available an insurance industry app that allows users to browse, research, and compare insurance directly through the platform's new app library. Investors may be concerned that insurance brokers could become redundant in the near future.
