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Why Bell Financial, Sayona Mining, Strike, & Soul Patts are sinking

In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sold gain. At the time of…
The post Why Bell Financial, Sayona Mining, Strike, & Soul Patts are sinking appeared first on The Motley Fool Australia. –

In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sold gain. At the time of writing, the benchmark index is up 0.8% to 7,330.4 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:

Bell Financial Group Ltd (ASX: BFG)

The Bell Financial share price is down 6.5% to $1.67. This follows the release of the financial services company’s half year profit guidance. According to the release, Bell Financial is expecting to deliver a first half profit before tax of $24 million. While this is a record, it is just a 3% increase on the prior corresponding period. The market appears to have been expecting better.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 2% to 9.5 cents. This morning the lithium explorer announced the outcome of its share placement. According to the release, Sayona Mining has received strong support to raise $45 million through its placement to institutional and sophisticated investors. These funds will be raised at a 21% discount of 7.5 cents per new share.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price has fallen 6% to 30.5 cents. This is despite the release of a potentially positive announcement this morning. That announcement reveals that Strike has completed production testing at its West Erregulla 4 well. The results from this testing “demonstrate similar productivity characteristics consistent with the regional Permian gas fairway wells from Waitsia and Beharra and supports the progression of the Phase 1 development.”

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

The Washington H. Soul Pattinson share price is down 1.5% to $33.09. This morning the investment house said it would support the takeover offer of Australian Pharmaceutical Industries Ltd (ASX: API) by Wesfarmers Ltd (ASX: WES). Some investors may believe that Soul Patts is selling out too cheaply.

The post Why Bell Financial, Sayona Mining, Strike, & Soul Patts are sinking appeared first on The Motley Fool Australia.

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More reading

Why is the Soul Patts (ASX:SOL) share price down this Monday?
Strike Energy (ASX:STX) share price see-sawing today
Sayona Mining (ASX:SYA) share price sinks 8% on capital raising efforts
ASX 200 midday update: Wesfarmers makes API takeover bid, BHP & Rio Tinto rising

Wesfarmers (ASX:WES) share price rises on API takeover offer

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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