Three ASX shares see red as market ends the week on a positive note

March 28, 2024 06:26 PM AEDT | By Team Kalkine Media

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Three ASX shares see red as market ends the week on a positive note — Image source: Pexels

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The S&P/ASX 200 Index concluded the shortened week on a positive note, howevr several ASX shares experienced declines. The benchmark index closed 0.99% higher at 7,896.90 points, indicating overall market resilience amidst individual stock movements.

Here's a closer look at three ASX shares that have failed to join the broader market's upward momentum today:

Burgundy Diamond Mines Ltd (ASX: BDM)

The Burgundy Diamond Mines share price has plunged by 9.30% to 20 cents following the release of its end-of-year report. The diamond miner reported revenue totaling AU$257.5 million from the sale of 2.6 million carats, with an EBITDA of AU$69.1 million. Despite the revenue figures, market sentiment appears to be impacted by other factors, leading to a decline in its share price.

Clarity Pharmaceuticals Ltd (ASX: CU6)

Clarity Pharmaceuticals shares have dipped by 3.51% to AU$2.75 subsequent to the completion of the pharmaceutical company's institutional placement and entitlement offer. Clarity successfully raised AU$110 million at a discounted rate of AU$2.55 per new share, enabling continued development of its radiopharmaceutical portfolio. Management emphasizes this funding will support advancements in its therapeutic and diagnostic product pipeline, despite the short-term share price decrease.

EML Payments Ltd (ASX: EML)

EML Payments shares have fallen by 3.15% to AU$1.23, potentially influenced by profit-taking activities following a recent significant gain. Despite today's decline, the payments company's shares have surged by 33% over the past month, indicating substantial recent growth. It is possible that some investors have chosen to capitalise on these gains, leading to the observed decline in share price.

While certain ASX shares are experiencing downward pressure, the broader market is demonstrating resilience and upward momentum. Investors are closely monitoring individual stock movements alongside overall market trends as the trading week draws to a close.

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