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 0.45% to 7,413.6 points.
Four ASX shares that are failing to follow the market higher today are listed below. Here's why they are dropping:
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AVZ Minerals Ltd (ASX: AVZ)
The AVZ Minerals share price is down 7% to 19.5 cents. This follows the release of the lithium explorer's quarterly update this morning. Investors appear concerned with AVZ Minerals' weakening balance sheet, which could require a capital injection in the very near future. The company ended the period with cash of $2.85 million, down from just under $6 million three months earlier.
Imugene Limited (ASX: IMU)
The Imugene share price has sunk 10% to 29.7 cents after returning from a trading halt. This morning the biotech company announced the completion of a $90 million institutional placement. The company raised the funds at a 9.1% discount of 30 cents per new share. The company is now seeking to raise a further $5 million from retail investors at the same price. The proceeds will be used to fund Imugene's clinical trial pipeline through to the end of 2025.
Pointerra Ltd (ASX: 3DP)
The Pointerra share price has fallen 10% to 42.7 cents. This follows the release of a quarterly update from the 3D geospatial data technology company. Pointerra reported a 24% quarterly increase in annual contract value (ACV) to US$9.8 million over the three months ended 29 July. Investors appear to have been expecting much stronger growth from the company.
Resolute Mining Limited (ASX: RSG)
The Resolute Mining share price is down 8% to 52 cents. This follows the release of a disappointing second quarter update by the gold miner. That update revealed weaker production, higher costs, and softer sales. In light of its poor performance, the company has downgraded its full year guidance.
