The S&P/ASX 200 Index (ASX: XJO) has started the week positively and is on course to record a decent gain. In afternoon trade, the benchmark index is up 0.3% to 7,439.6 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are falling:
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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 8.5% to 57 cents. This is despite there being no news out of the lithium developer. However, with its shares up over 250% in 2021 prior to today, this decline could have been driven by profit taking from some investors.
Firefinch Ltd (ASX: FFX)
The Firefinch share price is down 8.5% to 59.5 cents. This morning the gold and lithium explorer announced a share purchase plan aiming to raise $25 million at a discount of 58 cents per share. The funds will be used to ramp up activities at the Viper and N'Tiola satellites and the Morila Super Pit.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price has crashed 11% to $8.32. Investors have been selling this fleet management and salary packaging company's shares after takeover talks with the TPG Global and Potentia Capital consortium collapsed. The consortium had tabled a $10.35 per share offer but after a period of due diligence lowered its offer to $9.25 at the weekend. This was rejected by the Smartgroup Board.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down over 2.5% to $6.78. This appears to have been driven by weakness in the tech sector following a poor end to the week on the tech-focused Nasdaq index. In addition, this morning UBS retained its sell rating and $5.40 price target on the company's shares. It notes that BNPL surcharges may soon be allowed in Australia. The broker sees this as an incremental negative.
