The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday. In afternoon trade, the benchmark index is up 0.4% to 7,038.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
29Metals Ltd (ASX: 29M)
The 29Metals share price is down almost 16% to $1.17. This follows the release of an update on its troubled Capricorn Copper operation. Last week, the company revealed that heavy rainfall was expected to take the operation offline for three-to-four weeks. However, things have been worse than feared and the disruption is "now expected to be more significant." So much so, the operation could be out of action for upwards of four months.
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price is down 3.5% to $13.18. This has been driven by the auto retailer's shares going ex-dividend this morning for its final dividend. Last month, Eagers Automotive declared a record fully franked final dividend of 49 cents per share. This will be paid to eligible shareholders on 31 March.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down almost 2% to $11.04. Investors have been selling gold shares on Wednesday following a pullback in the price of the precious metal overnight. Though, it is worth noting that Northern Star's shares are still up 7% since this time last week.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 1.5% to $32.73. This follows a sharp decline in oil prices during overnight trade. Both Brent and WTI crude oil prices fell heavily after US inflation was in line with expectations. This means the US Federal Reserve is likely to follow through with its rate hike plans, which some fear could cause economic turmoil and hurt demand for oil.
