In afternoon trade, the (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.8% to 8,193.
3 points. Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling: ( ) The Adairs share price is down 2.
5% to $2.00. This may have been driven by a broker note out of Bell Potter this morning.
As covered , the broker named a couple of ASX retail stocks to buy and two to hold. One of the holds was furniture and homewares retailer Adairs. It has put a $2.
00 price target on its shares, which is where it now trades following today's decline. Nevertheless, its shares remain up almost 45% since this time last year. So, shareholders won't be too disheartened.
( ) The Cettire share price is down a further 12% to $1.94. This online luxury products retailer's shares have been bouncing around wildly this week.
After rocketing almost 80% on Tuesday, they are now down 17% over the past two trading sessions. This may have been driven by profit taking. The catalyst for Tuesday's massive gain was the company's auditor finally .
Not only did this give sentiment a boost, but it likely caused a short squeeze. ( ) The Firefly Metals share price is down almost 6% to 98.5 cents.
This follows the completion of $65 million single-tranche institutional share placement at a discount of 95 cents per new share this morning. Management notes that the placement was strongly supported by several existing and new Aust.