In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.9% to 7,634.9 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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Cettire Ltd (ASX: CTT)
The Cettire share price is down 5% to $2.93. Investors have been hitting the sell button after it was revealed that one of this ecommerce company's largest shareholders has sold its stake. LHC Capital sold its stake in response to Cettire's CEO, Dean Mintz, selling a total of $362 million worth of the company's shares in recent times. The investment company stated that it is "difficult to view [these sales] as anything other than a red flag."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 18% to 92 cents. This has been driven by the counter drone technology company completing an institutional placement on Monday. Demand was so strong for the placement that the company decided to increase it from $70 million to approximately $100 million. These funds were raised at a 28.6% discount of 80 cents per new share and will be used to capitalise on the strong momentum experienced in the first quarter of 2024 and the favourable geopolitical environment.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 10% to 27.5 cents. This is despite there being no news out of the gold miner on Monday. However, it is quite likely to have been caused by profit-taking from some investors. After all, the company's shares are still up by a massive 54% since this time last month despite today's weakness. This has been driven by a booming gold price, a solid quarterly update, and the release of positive drilling results.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down a further 2% to 41.2 cents. Investors continue to sell this struggling casino and resorts operator's shares for a couple of reasons. One is a poor performance so far in FY 2024. The other is because the Bell Two Inquiry commenced this month. It seems that investors are a touch nervous that the company could be found to be unsuitable to retain its NSW licence. This latest decline means that Star Entertainment's shares are now by a very disappointing 67% since this time last year and 90% on a five-year timeline.
