In afternoon, the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to record a strong gain. At the time of writing, the benchmark index is up 1.5% to 6,531.6 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are tumbling lower:
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Bowen Coking Coal Ltd (ASX: BCB)
The Bowen Coking Coal share price is down 17% to 28.5 cents. This morning this this coal miner revealed that it has executed a series of funding arrangements totalling approximately $190 million. These funds will be used to support the company's development of its portfolio of development-ready coking coal assets.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price has crashed 17% to $1.12. This lithium developer's shares have fallen heavily this week following the announcement of the shock exit of its managing director, Steve Promnitz. In addition, there are concerns about rising short interest.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down almost 2.5% to $19.67. This decline has been driven by the retail conglomerate's shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving the Smiggle owner's 46 cents per share fully franked dividend on 27 July.
ResApp Health Ltd (ASX: RAP)
The ResApp share price has crashed 31% to 12 cents. This morning the digital health company revealed disappointing study results for its COVID-19 smartphone algorithm. This means that the takeover proposal from Pfizer Australia will be 14.6 cents per share instead of 20.7 cents per share. That's if the healthcare giant still goes ahead with the takeover following the poor results.
