In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 8,972.1 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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Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance Worldwide share price is down 8% to $3.54. This morning, this plumbing parts company released its half-year results and reported a 4.6% decline in revenue to US$645.4 million and a 34.9% decline in reported net profit after tax to US$43.7 million. Reliance revealed that it was impacted by increased US tariffs and weaker demand in the US and UK. Net sales in the Americas dropped by 7.2% and EMEA (Europe, Middle East and Africa) sales rose by 2.4%.
Santana Minerals Ltd (ASX: SMI)
The Santana Minerals share price is down 12% to 86.5 cents. This has been driven by news that the gold developer has received firm commitments from institutional and sophisticated investors to raise $130 million. These funds are being raised via a placement of approximately 144.4 million shares at 90 cents per new share. Commenting on the news, Santana Minerals' executive director and CEO, Damian Spring, said: "This is a strong show of support for Santana and its proposed development of the Bendigo-Ophir Gold Project. This placement essentially fills the equity component of funding for the development with discussions on the remaining debt funding advancing well."
Sims Ltd (ASX: SGM)
The Sims share price is down 5% to $20.26. This follows the release of the scrap metal company's half-year results. Sims reported a disappointing loss of $29.9 million for the half. This includes unrealised losses on derivative contracts as at the reporting date, together with a further sizeable, expected credit loss on the residual receivable from Unimetals in the UK. Despite this, the company still increased its interim dividend by 40% to 14 cents per share.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down a further 5% to $4.72. Investors have been selling this wine giant's shares this week in response to the release of its half-year results. It was a tough half for Treasury Wine, with profit falling materially from the prior corresponding period. This led to the Penfolds owner suspending its dividend. The company's CEO, Sam Fischer, said: "Today's results come at a time when we are already making meaningful progress with the decisive actions required to return TWE to a path of sustainable, profitable growth. Our focus is firmly on the future to strengthen execution and ensure we build a stronger, more resilient business for the long term."
