In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has recovered from a poor start and is pushing higher. At the time of writing, the benchmark index is up 0.5% to 8,962.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down a further 11% to $1.46. This energy producer’s shares have been sold off this week following a disappointing update on the Who Dat joint venture. The operator of Who Dat, LLOG Exploration Company, has informed Karoon Energy that the reinstatement of production through the Who Dat E manifold will not occur in 2026 as planned. In light of this, calendar year 2026 total production guidance has been downgraded to the range of 7.2 MMboe to 8.2 MMboe. This compares to its previous guidance of 8.1 MMboe to 9.2 MMboe.
Novonix Ltd (ASX: NVX)
The Novonix share price is down 23% to 18.5 cents. This follows news that the battery materials technology company is undertaking another capital raising. Novonix has received firm commitments from institutional and sophisticated investors for a $20.7 million placement at 16 cents per new share, representing a 33.3% discount. The company’s managing director and CEO, Mike O’Kronley, said: “This capital raise positions the Company to continue investing in the production capacity required to support forecast customer demand. Expanding our capacity is an important step in executing our growth strategy and reinforcing our ability to supply high-quality material to strategic customers as demand continues to increase.” Novonix will now seek to raise $3 million from retail shareholders at the same price.
Transurban Group (ASX: TCL)
The Transurban share price is down 2% to $14.77. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has downgraded Transurban’s shares to a sell rating (from hold) with a reduced price target of $12.50 (from $13.19). It said: “We recommend clients use the share price strength to take profits in overweight positions. Downgrade from HOLD to SELL.”
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is down 3% to $29.13. Investors have been selling this energy giant’s shares today after oil prices pulled back further overnight. Traders were selling down oil in response to reports that Iran would be allowed to start selling its oil immediately.
The post Why Karoon Energy, Novonix, Transurban, and Woodside shares are sinking today appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has positions in Woodside Energy Group Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Transurban Group. The Motley Fool Australia has positions in and has recommended Transurban Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.