Why Reliance, Santana Minerals, Sims, and Treasury Wine shares are falling today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 8,972.1 points.

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

Reliance Worldwide Corporation Ltd (ASX: RWC)

The Reliance Worldwide share price is down 8% to $3.54. This morning, this plumbing parts company released its half-year results and reported a 4.6% decline in revenue to US$645.4 million and a 34.9% decline in reported net profit after tax to US$43.7 million. Reliance revealed that it was impacted by increased US tariffs and weaker demand in the US and UK. Net sales in the Americas dropped by 7.2% and EMEA (Europe, Middle East and Africa) sales rose by 2.4%.

Santana Minerals Ltd (ASX: SMI)

The Santana Minerals share price is down 12% to 86.5 cents. This has been driven by news that the gold developer has received firm commitments from institutional and sophisticated investors to raise $130 million. These funds are being raised via a placement of approximately 144.4 million shares at 90 cents per new share. Commenting on the news, Santana Minerals’ executive director and CEO, Damian Spring, said: “This is a strong show of support for Santana and its proposed development of the Bendigo-Ophir Gold Project. This placement essentially fills the equity component of funding for the development with discussions on the remaining debt funding advancing well.”

Sims Ltd (ASX: SGM)

The Sims share price is down 5% to $20.26. This follows the release of the scrap metal company’s half-year results. Sims reported a disappointing loss of $29.9 million for the half. This includes unrealised losses on derivative contracts as at the reporting date, together with a further sizeable, expected credit loss on the residual receivable from Unimetals in the UK. Despite this, the company still increased its interim dividend by 40% to 14 cents per share.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price is down a further 5% to $4.72. Investors have been selling this wine giant’s shares this week in response to the release of its half-year results. It was a tough half for Treasury Wine, with profit falling materially from the prior corresponding period. This led to the Penfolds owner suspending its dividend. The company’s CEO, Sam Fischer, said: “Today’s results come at a time when we are already making meaningful progress with the decisive actions required to return TWE to a path of sustainable, profitable growth. Our focus is firmly on the future to strengthen execution and ensure we build a stronger, more resilient business for the long term.”

The post Why Reliance, Santana Minerals, Sims, and Treasury Wine shares are falling today appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Treasury Wine Estates. The Motley Fool Australia has positions in and has recommended Treasury Wine Estates. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.