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The S & P / ASX 200 Index (ASX: XJO) is on track to record a stellar gain on Thursday. At the end of the afternoon, the benchmark was up 1.1% to 7,376.4 points.
Four ASX stocks that failed to follow the market higher today are listed below. Here’s why they fall:
The Lake Resources share price is down 4% to 58.5 cents. This decline appears to have been due to profit taking after a sharp rise on Wednesday. Investors were scrambling to buy the shares of this lithium developer following the announcement of a partnership with Lilac Solutions. According to the statement, the partnership is about technology and funding to develop the Lake Kachi lithium brine project in Argentina.
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price is down 2.5% to $ 1.38. Investors sold Ramelius and other gold miners today after investor sentiment improved dramatically and reduced the appeal of safe-haven assets. This follows yesterday’s announcement that Chinese real estate giant Evergrande avoided default by agreeing to repay a bond.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down 5% to $ 6.48. The shares of this radiopharmaceutical company are under pressure today following an update on its investigational prostate cancer imaging product, Illuccix. According to the statement, the United States Food and Drug Administration (FDA) has extended its review period by 3 months. This is to give the regulator time to examine a few elements further.
The Transurban share price fell nearly 1.5% to $ 14.00. The toll motorway operator completed the institutional part of its fundraising this morning. Transurban raised $ 2.9 billion at an 8.3% discount of $ 13.00 per share. Management said the offer created strong demand from institutional shareholders, with around 93% of eligible rights utilized. Transurban raises funds to acquire the remaining stake in WestConnex.