The S&P/ASX 200 Index (ASX: XJO) is having a very strong day on Wednesday. In afternoon trade, the benchmark index is up 1.5% to 6,751 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Allegiance Coal Ltd (ASX: AHQ)
The Allegiance Coal share price has continued its decline and is down a further 22% to 14 cents. Investors have been selling off this coal miner's shares this week following the release of a very disappointing update. As Allegiance Coal has been unable to successfully ramp up production to previous expectations, it has been left in a difficult position financially. In order to keep operating, the company has established a $5 million equity facility.
LiveHire Ltd (ASX: LVH)
The LiveHire share price is down 5% to 38 cents. This morning this talent technology company released its quarterly update and reported a 10% increase in annual recurring revenue to $5.7 million. This was offset by a 22% increase in quarterly cash burn to ~$2 million. This leaves LiveHire with a precariously low cash balance of just $7.3 million, down 49% year on year.
NIB Holdings Limited (ASX: NHF)
The NIB share price is down almost 3% to $7.31. This is despite there being no news out of the private health insurer. However, it is possible that it has been impacted by some investors rotating out of lower risk defensive shares and back into higher risk options today.
Pendal Group Ltd (ASX: PDL)
The Pendal share price is down over 2% to $4.33. This may have been driven by profit taking after some strong gains in recent days. This has been driven by speculation and then confirmation that the company has received another takeover proposal from Perpetual Limited (ASX: PPT). Talks are ongoing and no deal has been reached.
