In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to carve out a small gain. At the time of writing, the benchmark index is up ever so slightly to 7,308.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
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Afterpay Ltd (ASX: APT)
The Afterpay share price is down 7.5% to $119.33. This decline appears to have been driven by profit taking from investors following a very strong gain last week. That gain was driven by news that the buy now pay later provider is expanding its pay anywhere offering in the US to retail giants such as Amazon and Nike.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is down almost 8% to $1.31. Investors have been selling the gold miner's shares after it revealed that it will fall short of its guidance in 2021. Gold Road blamed this on disruptions caused to processing plant operations. It now expects production at the low end of its 260,000 to 300,000 ounces range with an all-in sustaining cost of $1,325 to $1,475 per ounce. The latter compares to prior guidance of A$1,225 to A$1,350 per ounce.
Qantas Airways Limited (ASX: QAN)
The Qantas share price has fallen 4% to $4.53. Qantas and a number of travel shares have come under pressure amid concerns over the spread of COVID-19 through Sydney and into other states. This has the potential to derail the travel market recovery, which was just beginning to return to relatively normal.
Talga Group Ltd (ASX: TLG)
The Talga share price has sunk 8.5% to $1.30. This is despite the company revealing that LKAB and Mitsui have extended a Letter of Intent (LOI) for Talga's Swedish graphite anode project. Investors may be disappointed that the two parties didn't come to a decision on whether to co-develop the project prior to the previous LOI expiry.
