The S&P/ASX 200 Index (ASX: XJO) is having a sensational session on Thursday. In afternoon trade, the benchmark index is up an impressive 1.6% to 7,375.7 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura share price is down 19% to 16.2 cents. This follows news that the rare earths developer has received firm commitments for a fully underwritten $25 million institutional placement at an issue price of 16 cents per new share. This represents a 20% discount to where the Arafura share price was trading prior to its halt.
Metcash Limited (ASX: MTS)
The Metcash share price is down 2.5% to $3.49. This has been driven by the wholesale distributor's shares going ex-dividend for its latest dividend. Eligible shareholders can now look forward to receiving its 11 cents per share fully franked dividend at the end of next month.
Orora Ltd (ASX: ORA)
The Orora share price is down almost 2% to $2.63. Investors have been selling the packaging company's shares after it released a trading update. Whilst global economic conditions remain uncertain, Orora revealed that its EBIT is still expected to be higher in FY 2024. Investors may have been expecting stronger growth.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price is down 4% to $13.89. This may be due to a combination of concerns over potential insurance claims from Cyclone Jasper and the prospect of interest rate cuts in the United States in 2024. The latter would be bad news for insurance companies like QBE, which benefit from higher interest rates.
