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In afternoon trading, the S&P/ASX 200 Index (INDEXASX:XJO) is poised to close with a solid gain, currently up 0.8% to 8,193.3 points. However, not all ASX shares are following this upward trend. Here’s a look at three companies experiencing notable declines today.
Adairs Ltd (ASX:ADH)
Adairs has seen its share price drop by 2.5%, bringing it to AU$2.00. This decline appears to be influenced by a broker note from Bell Potter released earlier this morning. In this report, the broker identified several ASX retail stocks, categorizing some as buys and others as holds. Adairs was included in the “hold” category, with a price target of AU$2.00—aligning with its current trading price after today’s drop. Despite this setback, it’s worth noting that Adairs shares have surged nearly 45% over the past year, indicating that long-term shareholders may not be overly concerned by today’s performance.
Cettire Ltd (ASX:CTT)
Cettire’s share price has plummeted by 12%, now standing at AU$1.94. The online luxury goods retailer has experienced significant volatility this week; after a remarkable 80% surge on Tuesday, the stock has since declined 17% over the last two trading sessions. This sharp decline may be attributed to profit-taking after the dramatic rise. The initial spike was largely driven by the announcement that the company’s auditor had officially signed off on its FY 2024 results, which boosted market sentiment and likely triggered a short squeeze.
Firefly Metals Ltd (ASX:FFM)
Firefly Metals has also faced challenges, with its share price down nearly 6% to 98.5 cents. The drop comes after the company completed a AU$65 million institutional share placement at a discount of 95 cents per new share. Despite the negative market reaction, management indicated that the placement was well-supported by both existing and new Australian and international institutional investors. The capital raised will be directed towards the next phase of resource growth, discovery, and development at the Green Bay Copper-Gold Project in Canada. Firefly’s Managing Director, Steve Parsons, stated that this capital raising positions the company to fully realize the potential of the Green Bay Project, with plans for 100,000 meters of growth drilling scheduled for 2024 and 2025.
