In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.8% to 8,277.2 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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Magnetic Resources NL (ASX: MAU)
The Magnetic Resources share price is down over 4% to $1.30. This follows news that the gold developer has successfully completed a $10 million single tranche placement to sophisticated, professional, and institutional investors. Management notes that the placement received significant demand and was oversubscribed. These funds were raised at $1.25 per new share. Managing Director, George Sakalidis, said: "The Lady Julie Gold Project in Laverton continues to expand in size, and with an increasing gold price, the Company continues to be excited by the potential for a financially robust low-cost, high margin gold production."
Newmont Corporation (ASX: NEM)
The Newmont share price is down 3% to $77.72. This appears to have been driven by a pullback in the gold price on Friday night. According to CNBC, the gold futures price was down 1% to US$2,668.1 an ounce. This is likely to have been caused by profit taking from traders after strong gains recently. In fact, the gold price remains on course for its best quarter in eight years despite this decline. Newmont's shares also remain up 28% since the start of the year.
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is down 2% to 26.5 cents. This may also have been caused by the pullback in the gold price on Friday night. In other news, the gold miner released a drilling update this morning. Commenting on drilling, managing director, Andrew Pardey, said: "We are encouraged by initial resource definition drilling at Sounsoun, which recorded positive intercepts and has defined a shear zone which hosts mineralisation over a strike of at least 700m. […] Resource definition drilling is also underway at the Fouwagbe target and we are looking forward to receiving results from this program."
Webjet Group (ASX: WJL)
The Webjet Group share price is down 8.5% to 99.7 cents. This online travel agent's shares have come under pressure today despite there being no news out of it. However, it is worth noting that its shares have rallied strongly since its demerger from Web Travel Group Ltd (ASX: WEB). Furthermore, last week Morgans put an add rating and 95 cents price target on its shares. On Friday, it closed the session comfortably higher at $1.10.
