In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.3% to 7,274.2 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are dropping:
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Appen Ltd (ASX: APX)
The Appen share price is down 3% to $6.34. Investors have been selling this struggling artificial intelligence data services company's shares since the collapse of a takeover approach last week. With that deal now off the table, investors have been focusing on the company's trading update, which was very disappointing. Appen expects its earnings to be materially lower during the first half.
Elders Ltd (ASX: ELD)
The Elders share price is down 2.5% to $13.22. This decline has been driven by the agribusiness company's shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving its 28 cents per share partially franked interim dividend next month on 17 June.
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is down 2.5% to 19.5 cents. This morning the gold explorer announced that it has received firm commitments for a $55 million placement. These funds will be raised at 18 cents per new share, which represents a 10% discount to its last close price. The proceeds will be used partially to grow the 3.65 million ounce inferred resource at the Bankan Gold Project in Guinea, West Africa.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is down 7% to $5.67. This morning Yancoal revealed that a majority shareholder launched a takeover approach. However, the proposal is a 16.6% discount to its last close price rather than a premium. The shareholder, China's state-owned Yankuang Energy, is seeking to acquire the shares it doesn't already own and will then delist the company. Given the size of its holding, it will only need to convince a few other major shareholders to get the deal over the line.
