The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Wednesday. In afternoon trade, the benchmark index is up 1.75% to 8,630.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Dateline Resources Ltd (ASX: DTR)
The Dateline Resources share price is down almost 4% to 43.75 cents. This morning, this gold developer completed a $50 million placement to leading institutional investors. These funds were raised at a discount of 40 cents per new share. Dateline's managing director, Stephen Baghdadi, commented: "This raise drew strong support from high-quality institutional investors, a clear endorsement of what Colosseum represents. We're not standing still. Enabling works are already underway and we're pushing ahead on multiple fronts to make sure the project is ready to move into production quickly when the time comes."
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down 3% to $2.00. This is despite there being no news out of the energy producer. However, given there is optimism that the Middle East conflict could soon come to an end, it is possible that investors are expecting oil and gas prices to retreat in the near term.
Lindian Resources Ltd (ASX: LIN)
The Lindian Resources share price is down 13% to 77.2 cents. This has also been driven by a capital raising today. The rare earths developer revealed that it has received firm commitments to raise approximately $100 million via a single tranche placement to institutional investors and strategic critical minerals funds. These funds are being raised at a 15.25% discount of 75 cents per new share. Lindian Resources' executive chair, Robert Martin, commented: "We are very pleased with the strong level of institutional support received for this Placement, including significant participation from high quality existing and new investors, reflecting Lindian's growing global profile and the strategic importance of Kangankunde as one of the next rare earths producers to supply emerging global supply chains."
PEXA Group Ltd (ASX: PXA)
The PEXA share price is down almost 17% to $12.68. This morning, the team at UBS downgraded the property settlement company's shares to a neutral rating (from buy) and cut its price target to $15.70 (from $17.50). The broker made the move on the belief that risks are skewed to the downside at present.
