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 0.35% to 7,218.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Alumina Limited (ASX: AWC)
The Alumina share price is down 1% to $1.49. This decline appears to have been driven by a note out of Citi. That note reveals that its analysts have downgraded the alumina producer to a sell rating with a $1.50 price target. This follows production issues and alumina price weakness.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down almost 2.5% to $5.07. This is despite there being no news out of the miner. However, it is worth noting that most coal miners are under pressure on Friday and are weighing on the performance of the energy sector.
Virgin Money UK (ASX: VUK)
The Virgin Money share price is down over 5% to $2.75. A disappointing first half update has been weighing on this UK bank's shares. Virgin Money fell short of expectations due to higher costs and bad debts.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is down 16% to $5.15. Investors have been selling this lithium developer's shares after it completed a capital raising. The company has raised 66 million euros (A$109 million) via a fully underwritten institutional placement at $5.10 per new share. This represents a 17.2% discount to its last close price. The proceeds will be used to progress Vulcan's integrated renewable energy and lithium project execution strategy, as well as phase two project development activities.
