Why 29Metals, Aroa Biosurgery, Mader, and Netwealth shares are falling

The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday. In afternoon trade, the benchmark index is up 0.6% to 7,621.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down 11% to 45 cents. Investors appear disappointed by the copper producer’s quarterly update. 29Metals reported copper production of 5.2kt for the fourth quarter. This brought its full year production to 18.1kt. Management is guiding to copper production of 18kt to 22kt for 2024.

Aroa Biosurgery Ltd (ASX: ARX)

The Aroa Biosurgery share price is down 9% to 65.25 cents. This follows the release of the medical device company’s quarterly update. That update revealed that management has reduced its FY 2024 total revenue guidance to between NZ$67 million and NZ$70 million. This has been driven by a decrease in expected revenue from TELA Bio due to a previous overestimation of Aroa’s revenue share on inventory supplied and a delay to a joint product development project.

Mader Group Ltd (ASX: MAD)

The Mader share price is down 6% to $6.26. Investors have been selling this specialist technical services provider’s shares despite the release of a solid quarterly update. Mader reported a 31% increase in total revenue to $189.3 million for the second quarter. In addition, the company has reaffirmed its confidence in “delivering FY24 revenue of at least $770m and NPAT of at least $50m.”

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is down 5% to $16.49. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded Netwealth’s shares to an underperform rating with a $14.80 price target. It notes that Netwealth’s quarterly update shows that its growth is continuing to moderate.

The post Why 29Metals, Aroa Biosurgery, Mader, and Netwealth shares are falling appeared first on The Motley Fool Australia.

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More reading

• Up 40% since October, Netwealth share price reacts to record $6 billion increase
• These ASX 200 shares just hit new 52-week highs
• Here are the top 10 ASX 200 shares today
• How I’d invest $40k to create a lifelong passive income of $36,000 a year
• Why 29Metals, Alumina, Beach Energy, and Worley shares are falling today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group, Mader Group, and Netwealth Group. The Motley Fool Australia has positions in and has recommended Macquarie Group, Mader Group, and Netwealth Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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