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

Dimerix Ltd (ASX: DXB)

The Dimerix share price is down 7.5% to 37.5 cents. This is despite the release of a positive announcement out of the biopharmaceutical company this morning. According to the release, the first patient has successfully completed the ACTION3 Phase 3 clinical trial and has chosen to enter the global open-label extension (OLE) study. The OLE study is optional for all qualifying patients who have completed the ACTION3 Phase 3 clinical trial. It offers a 2-year treatment with DMX-200, which is being trialled as a potential treatment to address the significant unmet need of patients with focal segmental glomerulosclerosis.

Life360 Inc (ASX: 360)

The Life360 share price is down 6% to $17.45. This follows a sharp pullback in the location technology company's NASDAQ listed shares overnight. The catalyst for that decline appears to have been news of some heavy insider selling. According to the release, Life360's independent non-executive director, James Synge, sold a total of approximately 100,000 Life360 shares for an average of ~US$37.36. This equates to a total consideration of approximately US$3.7 million. Synge was a very early investor in Life360, having first invested more than 10 years ago in a private equity capacity.

S2 Resources Ltd (ASX: S2R)

The S2 Resources share price is down 7.5% to 8.6 cents. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has downgraded this gold explorer's shares to a speculative hold rating with a 10 cents price target (from 24 cents). In response to its drilling results, Bell Potter said: "The Greater Fosterville Project remains S2R's most advanced gold exploration project. Limited initial results at the first prospect drilled have returned economic grades and widths, but not sufficient data to define the scale of the opportunity."

SG Fleet Group Ltd (ASX: SGF)

The SG Fleet share price is down 10% to $2.63. This has been caused by the fleet management company's shares going ex-dividend this morning for its final dividend of FY 2024. Last month, the company declared a mammoth fully franked final and special dividend totalling 24.3 cents per share. This was the equivalent of an 8.4% dividend yield based on yesterday's close price. Eligible shareholders can look forward to receiving this payout on 25 September.

The post Why Dimerix, Life360, S2 Resources, and SG Fleet shares are sinking today appeared first on The Motley Fool Australia.

At Friday's market close, S2 Resources ended the day up an astonishing 102.38% to 17 cents. It's worth noting that its shares hit a 52-week low of 8.4 cents yesterday.

S2 Resources awarded Block 4

In its release, S2 Resources advised that its wholly-owned subsidiary, Southern Star Resources, has been awarded Block 4 of the North Central Victorian Goldfields Ground Release.

The Victorian Department of Jobs, Precincts and Regions handed over the 394 square kilometre block after S2 Resources won the tender. The competition comprised of a large number of Australian and international resources companies vying for the prime ground real estate.

S2 Resources said the land is considered to be the most prospective and highly contested gold ground in Australia.

Block 4 extends for 55 kilometres, surrounding the high-grade, Fosterville mine operated by Kirkland Lake Gold CDI (ASX: KLA). 

The first priority for S2 Resources will be to apply for an exploration licence. Once granted, the company will then conduct a data review and target generation before commencing on-ground exploration activities.

The company is planning to spend a total of $10.4 million over a 5-year period to develop the site.

At the end of September, S2 Resources had $9.9 million in cash as well as a 13.5% interest in Todd River Resources Ltd (ASX: TRT). The latter is valued at $5.5 million based on the market valuation of the company.

What did management say?

Commenting on the news fuelling the S2 Resources share price, CEO Matthew Keane said:

We are humbled to have been selected based on our exploration track record and high focus on ESG. This is a highly prospective block situated in the historic and well-endowed Bendigo goldfields.

It has real potential for "company making" discoveries and S2's highly experienced team is excited to get on the ground and commence work. This is an accredited gold exploration team, having been responsible for multiple gold mine discoveries in the past, including Thunderbox and Baloo in Western Australia and Wahgnion in Burkina Faso, as well as the major Nova-Bollinger nickel-copper mine in Western Australia.

About the S2 Resources share price

Despite today's mammoth gains, a whirlwind 12 months has led the S2 Resources share price to track around 36% lower. Year-to-date it is up around 30%.

Based on today's price, S2 Resources presides a market capitalisation of roughly $55.24 million, with approximately 356.38 million shares outstanding.

The post S2 Resources (ASX:S2R) share price just rocketed 102% today. Here's why appeared first on The Motley Fool Australia.

The share price movement comes following this morning's announcement of promising drill results at its Finish gold prospect.

Year-to-date, the S2 Resources share price is up 38%. By comparison the All Ordinaries Index (ASX: XAO) is up 1.7% so far in 2020.

What does S2 Resources do?

S2 Resources is a mineral resource exploration company. It seeks to identify early stage assets offering high growth potential. The company operates in three segments: Finland exploration activities, US exploration activities, and Australia exploration activities. Its projects include Polar Bear, Eundynie, and Norcott.

S2 Resources explores for copper, zinc, gold, nickel, and platinum metals. Share first began trading on the ASX in October 2015.

What did S2 Resources announce to send its share price higher today?

In this morning's ASX announcement, S2 reported on the results it has received from 3 of the 4 diamond holes drilled at its 100% owned Aarnivalkea prospect in Finland.

The diamond holes, drilled in October, were testing for extensions to the shallow gold mineralisation previously uncovered by S2. The drilling was intended to test "down-dip and down-plunge extensions" to the known mineralisation.

The best results came from hole FAVD0062, which intersected several mineralised zones, with the strongest located 110 metres down-dip from previous drilling. The drill results returned 6.85 metres at 11.8g/t gold from 223.0 metres downhole, including 4.0 metres at 18.1g/t from 223.0 metres downhole.

Commenting on the drill results, S2 Resources' CEO Matthew Keane said:

This high grade result reinforces S2's view of the prospectivity of our tenure in the Central Lapland Greenstone Belt. Aarnivalkea is a virgin gold discovery, completely masked by shallow glacial cover and located only 24 kilometres from Kittilä, Europe's largest producing gold mine. Lapland remains an integral part of S2's portfolio, and in addition to following up on these gold results, we also plan to commence base metal exploration in 2021 on our 100% owned Ruopas Project.

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