The S&P/ASX 200 Index (ASX: XJO) is having a day of ups and downs. At the time of writing, the benchmark index is on the up and rising 0.15% to 7,308.3 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
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4DS Memory Ltd (ASX: 4DS)
The 4DS share price is down 17% to 13.7 cents. This is despite there being no news out of the semiconductor company. However, it is worth noting that its shares are still up 350% since this time last month despite today's decline. As a result, it's possible that some profit-taking is happening.
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down a further 5.5% to $3.56. This mineral exploration company's shares have been sold off this week following the release of its scoping study for the Gonneville Nickel-Copper-PGE Project. While that study outlines an executable, tier-1 scale development project in a world-class jurisdiction, management doesn't expect to commence production until 2029. Given how far out this is, it is hard to forecast what commodity prices will be. The market appears to believe Chalice has been too optimistic with its assumptions.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down 19% to $3.85. Investors have been hitting the sell button following the release of the pharmaceutical company's full-year results. For FY 2023, Mayne Pharma posted a massive net loss after tax of $317.4 million.
Webjet Limited (ASX: WEB)
The Webjet share price is down 5.5% to $7.01. This follows the release of the online travel agent's annual general meeting update. Investors may be concerned with a slight slowdown in the company's total transaction value (TTV) growth in FY 2024. In addition, management has revealed that it has no plans to reinstate its dividend in the near future.
