In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decent gain. At the time of writing, the benchmark index is up 0.5% to 7,654.7 points.
Four ASX share that have failed to follow the market's lead are listed below. Here's why they are falling:
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Alliance Aviation Services Ltd (ASX: AQZ)
The Alliance Aviation share price is down 12% to $2.93. This follows the release of the aviation services company's half year results. Alliance reported statutory profit before tax of $37.7 million, which was an increase of 296% year on year. Overshadowing this was the company's growing debt. Its net debt has increased to $244.6 million, which is more than half its market capitalisation. It notes that it "is at an inflection point when viewed using the scope of an auditor," which has noted an "Emphasis of Matter."
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down over 6% to $1.07. This has been driven by the release of the fund manager's funds under management (FUM) update for January. According to the release, Platinum reported FUM of $15,190 million, which was down from $15,447 million at the end of December. This was partly caused by net outflows of approximately $166 million for the month.
REA Group Ltd (ASX: REA)
The REA share price is down 3.5% to $177.49. This morning, this property listings company released its first half results and revealed revenue growth of 18% and profit growth of 22%. While this was ahead of expectations, its outlook commentary appears to have disappointed. This saw the company increase its cost guidance for FY 2024.
Santos Ltd (ASX: STO)
The Santos share price is down over 1% to $7.32. Investors have been selling this energy producer's shares over the last couple of sessions after its merger talks with Woodside Energy Group Ltd (ASX: WDS) concluded without a deal being reached.
