In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.6% to 7,489.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Image source: Getty Images
Block Inc (ASX: SQ2)
The Block share price is down 1.5% to $168.22. This follows a poor night of trade for the payments giant's NYSE listed shares. In addition, the tech sector is underperforming today, with the S&P/ASX All Technology Index trading only a fraction higher.
IGO Ltd (ASX: IGO)
The IGO share price is down 2% to $13.63. Investors have been selling this battery metals miner's shares in response to a bearish broker note out of UBS. This morning the broker initiated coverage on IGO with a sell rating and $12.65 price target. It believes its shares are overvalued at the current level and fears that current sky high lithium and nickel prices are unsustainable.
Navigator Global Investments Ltd (ASX: NGI)
The Navigator Global share price is down over 6.5% to $1.63. This morning the investment company announced the completion of a $47 million placement. Navigator raised the funds at $1.55 per new share, which represents an 11.4% discount to its last close price. The company will now seek to raise a further $10 million through a share purchase plan.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price has crashed 15% to $1.90. This follows the release of the fund manager's latest funds under management (FUM) update. According to the release, Platinum's FUM fell 7.9% or $1.7 billion in March to $19.442 billion. This was despite only recording net outflows of $222 million and the ASX 200 rising over 6% during the month.
