In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing, the benchmark index is up 0.85% to 7,464.2 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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Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is down 5% to $174.28. Investors have been selling this investment bank's shares after it provided a first-quarter update ahead of its annual general meeting. That update revealed that the company has had a tough start to FY 2024. This has led to profits that were "substantially down" on the prior corresponding period.
Panoramic Resources Ltd (ASX: PAN)
The Panoramic Resources share price is down 39% to 5.6 cents. This follows news that the base metals developer has received commitments for a $40 million institutional placement. The company is raising the funds at a deep discount of 5 cents per new share. The proceeds will be used to support its balance sheet following delays in revenue generation.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is down 11% to $1.86. Investors appear disappointed with this gold miner's fourth-quarter update which revealed a sharp increase in costs per ounce in FY 2023. Unfortunately, management expects costs to increase further in FY 2024.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is down 2.5% to $117.89. This follows the release of the miner's half-year results. Rio Tinto reported a 10% decline in revenue to US$26.67 billion and a 25% decline in underlying EBITDA to US$11.73 billion. The latter and its US$1.77 per share interim dividend were short of consensus expectations.
