ABG, BMN and IMM: Three ASX Stocks Have Tough Day Despite Overall Market Gains

June 28, 2024 04:09 PM AEST | By Team Kalkine Media

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ABG, BMN and IMM: Three ASX Stocks Have Tough Day Despite Overall Market Gains — Image source: © Littlemacproductions | Megapixl.com

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Despite a strong performance from the S&P/ASX 200 Index on Friday, with the benchmark closing 0.15% higher at 7,771.10 points in afternoon trade, several individual ASX shares have struggled. Among those facing challenges are Abacus Group, Bannerman Energy Ltd, and Immutep Ltd. Here’s a closer look at why these shares are under pressure today.

Abacus Group (ASX: ABG)

Abacus Group shares have dropped by 1.18% to AU$1.16 apiece. This decline is primarily due to the commercial property company’s shares going ex-dividend this morning for its upcoming final dividend. Last week, Abacus declared an unfranked dividend of 4.3 cents per share, bringing its total dividends for FY 2024 to 8.6 cents per share. Shareholders eligible for the dividend can expect the payment on August 30. The ex-dividend effect typically results in a share price drop equivalent to the dividend amount, which explains today’s decline.

Bannerman Energy Ltd (ASX: BMN)

Bannerman Energy shares are down nearly 9% to AU$3.27 apiece. The uranium stock is under pressure after announcing it secured firm commitments for a two-tranche placement of approximately 25.8 million new shares to new and existing institutional and sophisticated investors. These funds were raised at a 7.8% discount of AU$3.30 per new share, aiming to generate approximately AU$85 million in gross proceeds. The capital raised will support the development of the Etango-8 Project in the Erongo Region of Namibia. Despite the long-term potential benefits of the project, the immediate dilution effect from the new shares has led to a sell-off.

Immutep Ltd (ASX: IMM)

Immutep shares have plummeted by 9.85% to 30 cents. Investors have been offloading the clinical-stage biotechnology company’s shares since Thursday, following the release of topline results from the TACTI-003 Phase IIb Trial. This trial is evaluating eftilagimod alfa (efti) in combination with Keytruda (pembrolizumab) as a first-line treatment for recurrent/metastatic head and neck squamous cell carcinoma patients (1L HNSCC). While the company reported positive results, the absence of a p-value has caused investor concern. The lack of this statistical measure has led to fears that the results may not be as significant as hoped, prompting a further decline in share price.

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