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In afternoon trade, the S&P/ASX 200 Index is on track for a notable gain today. The benchmark index closed 0.79% up at 7,788.30 points. However, not all shares are benefiting from the positive market sentiment. Three ASX shares that have failed to follow the market higher today are detailed below.
Genetic Signatures Ltd (ASX: GSS) Plummets 5%
The share price of Genetic Signatures Ltd has dropped 5.48% to 69 cents. The global molecular diagnostics company announced this morning that it is halting the development of the EasyScreen Essentials Respiratory Detection Kit for the US market. This decision was made following an internal assessment of the commercial landscape. CEO Neil Gunn stated, "While it is disappointing to conclude the development of a key product at this late stage, we are very mindful that any investment we make in new products must continue to be aligned with a compelling commercial opportunity."
Retail Food Group Ltd (ASX: RFG) Falls Nearly 3%
Retail Food Group Ltd has seen its share price fall almost 2.86% to 6.8 cents. The quick service restaurant operator released an investor update this morning, revealing that retailing macroeconomic conditions remain weak. Consequently, sales have remained flat year-to-date in FY 2024. However, management remains optimistic, expecting "improvement in market conditions in FY25 as tax cuts, growth in real wages and population, and the potential for rate cuts are expected to allow some consumers to ditch frugality."
Smartpay Holdings Ltd (ASX: SMP) Drops 0.41%
The share price of Smartpay Holdings Ltd is down 0.41% to AU$1.22 apiece following the release of the New Zealand-based payments company's full-year results. Despite reporting a 24% increase in revenue to NZ$96.5 million and a 29% jump in normalized profit before tax to NZ$9.8 million, some investors were disappointed, expecting an even stronger performance from the company in FY 2024.
