The S&P/ASX 200 Index (ASX: XJO) is having a solid session on Tuesday. At the time of writing, the benchmark index is up 0.4% to 8,254.9 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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Black Cat Syndicate Ltd (ASX: BC8)
The Black Cat Syndicate share price is down 10% to 57 cents. This follows the completion of the gold miner's institutional placement this morning. The company revealed that firm commitments have been received for ~$80 million via a two-tranche placement at a sizeable discount of 52 cents per new share. The company advised that the placement was strongly supported by existing shareholders, along with several new offshore and Australian institutional investors. This includes a number of long-gold funds. Management explained that the proceeds will be used to accelerate and expand gold production.
BlueScope Steel Limited (ASX: BSL)
The BlueScope Steel share price is down 1.5% to $20.88. This morning, the steel producer revealed that it expects to fall short of its guidance in the first half of FY 2025 due to challenging operating conditions. BlueScope now expects its underlying earnings before interest and tax (EBIT) for the half to be in the range of $270 million to $310 million. This is down from its previous guidance range of $350 million to $420 million.
Cettire Ltd (ASX: CTT)
The Cettire share price is down 9% to $1.94. Investors have been selling this online luxury products retailer's shares following the release of a disappointing first quarter update. Although Cettire's sales revenue came in 22% higher year on year at $155 million, things weren't anywhere near as positive for its earnings. Partly due to the continuation of heightened promotional activity, the company reported adjusted EBITDA of $2 million for the three months. This is down a sizeable 77% on the $8.7 million recorded in the prior corresponding period. Nevertheless, management advised that it is "confident underlying demand for luxury will remain resilient and will ultimately improve in the next 6-12 months."
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global Resources share price is down 5% to $1.00. This has been driven by the release of the coal miner's quarterly update. For the third quarter, the company reported a 14.9% quarter on quarter decline in ROM production to 6.3Mt. It also revealed a 3% decline in sales volumes for the three months. In light of this, the company has downgraded its full year production guidance and lifted its cost guidance.
