The S&P/ASX 200 Index (ASX: XJO) is having another strong session on Friday. In afternoon trade, the benchmark index is up 0.9% to 7,309.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Melbana Energy Ltd (ASX: MAY)
The Melbana share price is down 8.5% to 9.6 cents. This follows the release of drilling results from Alameda-2 onshore Cuba. Investors have been selling down Melbana Energy's shares despite the company revealing that "strong oil shows and high connection gas [was] encountered."
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is down almost 6% to $13.62. This means that the investment platform provider's shares have now given back yesterday's gains driven by the release of its quarterly update. Macquarie wasn't overly impressed with the update and fears that Netwealth could now be facing headwinds for fund inflows. In light of this, the broker has downgraded its shares to a neutral rating with a trimmed price target of $14.40.
Smartpay Holdings Ltd (ASX: SMP)
The Smartpay share price is down 2% to $1.74. This may have been driven by profit-taking after a strong gain on Thursday. Investors were buying the payments company's shares after Bell Potter initiated coverage with a buy rating and a $2.16 price target.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 4% to $1.20. This follows reports that Grok Ventures has sold off its holding in the payments company. According to the AFR, Grok Ventures sold a stake worth $77 million from $1.20 per share after the market close on Thursday. This reflects the investment company's plan to exit listed equities to focus on infrastructure and start-ups.
