The S&P/ASX 200 Index (ASX: XJO) is having another positive session. In afternoon trade, the benchmark index is up 0.75% to 8,056.8 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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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 3.5% to 27.5 cents. Investors have been selling this semiconductor company's shares following the release of its quarterly update. The company once again revealed woeful cash receipts for the three months of just over US$100,000. Nevertheless, the company's CEO, Sean Hehir, remains positive. He said: "Exiting the prior quarter with milestone wins, the March quarter was important to advance critical engagements in anticipation of successful closes later this year. While closing more engagements at a consistent rate has taken longer than I expected or accept, I am confident we will close substantially more bookings in 2025 than we did in 2024."
Catalyst Metals Ltd (ASX: CYL)
The Catalyst Metals share price is down 3% to $6.26. This follows the release of the gold miner's quarterly update this morning. Catalyst Metals reported gold production of 24,329 ounces at an average all-in sustaining cost (AISC) of A$2,765 per ounce. While this was in line with guidance, it appears that the market was expecting more from the gold miner.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down over 6% to $19.56. This has also been driven by the release of a quarterly update from the gold miner. Gold sold totalled 385,000 ounces during the quarter at an AISC of A$2,246 per ounce (US$1,409 per ounce). This was softer than expected and has led to management downgrading its FY 2025 guidance. It now expects 1,630k to 1,660k ounces gold sold. This is down from its previous guidance range of 1,650k to 1,800k ounces gold sold. Management blamed this near term operational challenges at KCGM. In addition, its FY 2025 all-in sustaining cost guidance has been revised to A$2,100-A$2,200 per ounce. This is up from A$1,850-A$2,100 per ounce previously.
Pact Group Holdings Ltd (ASX: PGH)
The Pact Group share price is down 19% to 88.5 cents. Investors have been selling this packaging company's shares following the release of a business update. While Pact revealed that its continuing operations revenue was up 2.7% on the prior corresponding period for the first nine months of FY 2025, that wasn't the reason for the selling. The real reason was the bombshell news that the company intends to delist from the Australian share market. It said: "The Board considers that a delisting would enable PGH to focus more on its business operations and on delivering on its long-term business objectives."
