The S&P/ASX 200 Index (ASX: XJO) is having a day to remember on Friday. In afternoon trade, the benchmark index is up 1.9% to 8,798.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is down 2% to $9.30. This morning, this defence and space company announced the successful completion of its share purchase plan. Management advised that the plan was overwhelmingly supported, with EOS receiving valid applications of $95 million from 4,909 eligible shareholders. This was significantly higher than the original $25 million target. In light of the strong demand and in recognition of the ongoing support from retail shareholders, the board exercised its discretion to accept $40 million in applications. Combined with its $150 million institutional placement and $40 million strategic placement, EOS has raised a total of $230 million from investors.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down 2.5% to $2.00. Investors have been selling the energy producer’s shares after oil prices sank overnight. Traders were selling oil after US President Donald Trump announced that he expects to sign a peace deal with Iran very shortly. This is expected to result in the reopening of the Strait of Hormuz, bringing more oil supplies to market. The S&P/ASX 200 Energy index is down 1.6% at the time of writing.
REA Group Ltd (ASX: REA)
The REA Group share price is down almost 4% to $141.47. Investors have been selling this property listings company’s shares this week following the release of two bearish broker notes. After Bell Potter downgraded the property listings company’s shares to a sell rating (from buy), UBS has followed suit and cut its recommendation to neutral from buy with a reduced price target of $165 (from $213). UBS has concerns that recent property tax changes could weigh on listing volumes in the near term. Judging by its share price weakness, it seems that some investors agree with this view.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is down 2% to $30.81. This follows the aforementioned pullback in oil prices overnight. This has overshadowed the release of an announcement this morning. Woodside revealed that it has exercised its right to acquire a further 10.67% interest in the Browse Joint Venture for up to US$400 million. This strengthens its position in Australia’s largest undeveloped conventional gas resource.
The post Why EOS, Karoon Energy, REA Group, and Woodside shares are falling today appeared first on The Motley Fool Australia.
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More reading
- EOS shares are sliding again. Here’s what investors are worried about
- Woodside shares fall after a surprise $600 million move
- Woodside Energy lifts Browse JV stake under pre-emption deal
- Oil prices are back in focus. Here’s what that means for ASX energy shares
- 5 things to watch on the ASX 200 on Friday
Motley Fool contributor James Mickleboro has positions in REA Group and Woodside Energy Group Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Electro Optic Systems. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.