In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the shortened week with a small gain. At the time of writing, the benchmark index is up 0.2% to 6,805.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
Image source: Getty Images
Computershare Ltd (ASX: CPU)
The Computershare share price is down 3% to $14.59. This is despite there being no news out of the share registry company. However, with its shares rising 14% in March, this decline could have been driven by profit taking by investors. The catalyst for the strong gain last month was the announcement of a major acquisition.
Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is down 1% to $151.28. This morning the Australian Prudential Regulatory Authority (APRA) revealed that it has increased the bank's liquidity and operational risk capital requirements. The regulator made the move in response to multiple material breaches of APRA's prudential and reporting standards.
Race Oncology Ltd (ASX: RAC)
The Race Oncology share price has sunk 10% to $3.32. Once again, this appears to have been driven by profit taking after some stellar gains in 2021. For example, prior to today, the specialty pharmaceutical company's shares were up a remarkable 90% since the start of the year. A number of promising updates have caught the eye of investors this year.
Webjet Ltd (ASX: WEB)
The Webjet share price has fallen 5.5% to $5.27. Investors have been selling the online travel agent's shares following the announcement of a convertible note offering to raise $250 million. The net proceeds from the offering are expected to be used to repay $43 million of Webjet's existing term debt, fund potential acquisitions, and for capital management or general corporate purposes. Investors appear disappointed that the company is raising funds again.
