Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Ioneer Ltd (ASX: INR)

The Ioneer share price is down 8% to 16.5 cents. This is despite there being no news out of the US-based lithium developer. However, it is worth noting that the company's shares rocketed higher last week. So, today's decline could have been driven by profit-taking from some investors. Ioneer's shares remain up 18% since this time last week despite today's pullback. The catalyst for this gain appears to have been news that the US government was buying a stake in a fellow US-based lithium company. Investors may believe that Ioneer has potential to get an investment in the future as well.

Metal Powder Works Ltd (ASX: MPW)

The Metal Powder Works share price is down almost 5% to $4.06. This follows the release of the advanced metal powder production technology developer's annual report this morning. That report included consolidated financial statements following the reverse acquisition of Metal Powder Works Inc, which ultimately led to its listing earlier this year. It posted a loss of US$6.2 million.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down over 2% to $120.44. This may have been driven by a pullback in the iron ore price. According to Bloomberg, iron ore prices pulled back ahead of a major holiday in China that will see mainland markets close for a week from Wednesday.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is down 3% to 10.7 cents. This has been driven by the release of the energy company's full year results. Strike Energy posted a 59% increase in revenue to $72.7 million and an 87% jump in underlying EBITDA to $41.6 million. However, due to impairments, it recorded a massive net loss of $157.3 million for FY 2025. This relates to the downward revision in reserves at Walyering. Strike Energy's managing director and CEO, Peter Stokes, was pleased with the year. He said: "FY25 was a pivotal year for Strike. The completion of our Strategic Review has provided a clear roadmap to unlock value across our unique Perth Basin asset base. With production at Walyering delivering cashflows, construction underway at South Erregulla, West Erregulla progressing towards development and significant prospectivity providing a strong potential growth pipeline, Strike is firmly positioned to play a critical role in Western Australia's energy transition."

The post Why Ioneer, Metal Powder Works, Rio Tinto, and Strike Energy shares are falling today appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is down 13% to $4.58. This morning, this pharmaceuticals company released an update on its proposed takeover by Cosette Pharmaceuticals. It highlights that there are reports that the South Australian government would look to block the sale of the business if its suitor were to close its Salisbury operations. Given that Cosette has been looking for ways to get out of the deal, investors appear to believe this could be the nail on the coffin for the takeover. The company said: "Mayne Pharma is aware that, since Cosette's purported termination of the Scheme, Cosette has had some correspondence with FIRB in respect of its intentions for the Mayne Pharma business (including possible intentions to either close or sell the Salisbury site) following implementation of the Scheme, should Cosette's attempts to terminate, or otherwise get out of its obligations under, the SID, fail."

Metal Powder Works Ltd (ASX: MPW)

The Metal Powder Works share price is down over 4% to $3.53. This morning, this advanced metal powder production technology developer announced that it has received firm commitments from sophisticated and professional investors to raise $15 million through a share placement priced at $3.50 per share. Its CEO, John Barnes, said: "The additional A$15 million in funding provides us with the balance sheet strength to accelerate our growth strategy, scale production, grow market share, broaden our product offering while maintaining the financial strength to execute at speed."

Smartgroup Corporation Ltd (ASX: SIQ)

The Smartgroup share price is down 5% to $8.63. This has been driven by the salary packaging and fleet management's company's shares going ex-dividend this morning for its fully franked interim dividend of 19.5 cents per share. This will be paid to eligible shareholders later this month on 23 September.

Super Retail Group Ltd (ASX: SUL)

The Super Retail share price is down 4% to $18.09. This has also been caused by the retail conglomerate's shares going ex-dividend this morning. Last month, the BCF, Macpac, Rebel, and Supercheap Auto owner released its full year results and declared a fully franked final dividend of 34 cents per share and a fully franked special dividend of 30 cents per share. These will be paid to eligible shareholders next month on 16 October.

The post Why Mayne Pharma, Metal Powder Works, Smartgroup, and Super Retail shares are dropping today appeared first on The Motley Fool Australia.

At the market's open, the welding technology company's shares jumped 10% to trade at 55 cents. However, by the end of the day, the K-Tig share price had retreated back to 51 cents, up 2% for the day. 

What did K-Tig announce?

The K-Tig share price was running higher after the company provided investors with an update that could propel its future prospects.

According to its release, K-Tig has entered into an MoU with Hanwha Defence Australia Pty Ltd and Hanwha Defence Corporation (Hanwha).

One of South Korea's largest military manufacturers, Hanwha represents an attractive opportunity for K-Tig to align with.

Based in South Korea, Hanwha has been selected as the preferred supplier of the Australian Army's multi-billion-dollar Land 8116 self-propelled artillery (Huntsman) project. In addition, it has also been shortlisted for the Land 400 Phase 3 Infantry Fighting Vehicle project.

Under the MoU, K-Tig will use its technologies to develop advanced keyhole welding procedures for Hanwha. This will see advanced steel composites welded together for the proposed military vehicles contracts.

Should K-Tig be successful in its welding demonstration, Hanwha will work with the company to develop automatic welding procedures. This is expected to take place in the regional city of Geelong, where the Huntsman will be manufactured. In total, 60 self-propelled artillery systems are planned to be produced along with 15 ammunition supply vehicles, support systems, and maintenance works.

K-Tig managing director Adrian Smith commented:

Partnering with Hanwha to create crucial equipment for Australia's defence is a significant opportunity for K-Tig to deploy the speed, efficiency and effectiveness of our advanced keyhole welding technology, all while helping to create local jobs, develop strategically vital manufacturing skills for the nation, and provide the Australian Army with the self-propelled artillery capability it's desired for many years.

About the K-Tig share price

The K-Tig share price has gained 750% over the past 12 months, reflecting strong investor sentiment. Year to date, the company's shares are up 50% and are within striking distance of their all-time high of 58 cents.

On current valuation grounds, K-Tig commands a market capitalisation of around $63 million, with more than 125.8 million shares outstanding.

The post Why the K-Tig (ASX:KTG) share price opened 10% higher today appeared first on The Motley Fool Australia.

Amidst the rough and tumble of domestic markets, here are 3 big things you might have missed in yesterday's trade.

1. Clinuvel share price rockets higher on FDA approval

The Clinuvel Pharmaceuticals Ltd (ASX: CUV) share price rocketed 60.2% higher yesterday after gaining a key regulatory approval in the United States.

The U.S. Food and Drug Administration (FDA) approved Clinuvel's SCENESSE treatment for a rare genetic metabolic disorder which causes a severe intolerance to light.

SCENESSE was approved by European regulators back in 2014 to treat erythropoietic protoporphyria (EPP). but the breakthrough to the lucrative U.S. market is big for Clinuvel.

Given the size of the U.S. pharmaceuticals market, the FDA approval should see Clinuvel revenues surge higher due to easier drug access for affected people.

2. Latest ASX tech IPO a big success

The latest Aussie tech stock to list on the ASX on Wednesday was robotic welding company K-TIG Ltd (ASX: KTG).

K-TIG is an Adelaide-based tech company that uses CSIRO-developed technology to weld up to 100 times faster than traditional welding processes.

With a strong bank of patents over the proprietary technology, K-TIG enjoyed a bumper first day on the ASX as its offer price tripled to close at $0.66 per share.

3. Cleanaway cleans up with latest acquisition

The Cleanaway Waste Management Ltd (ASX: CWY) share price closed 6.25% higher at $2.04 per share after announcing its latest acquisition.

Cleanaway announced it will acquire the assets of SKM Recycling Group following a public sale process conducted by company receivers.

The Aussie waste management company is set to pay $66 million for the SKM assets which saw bullish investors buy up big on Cleanaway shares yesterday.

The post 3 things you missed on the ASX on Wednesday appeared first on The Motley Fool Australia.