Why Betr, Evolution, NIB, and West African Resources shares are falling today

The S&P/ASX 200 Index (ASX: XJO) is having another positive session on Wednesday. At the time of writing, the benchmark index is up 0.7% to 8,522.7 points.

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

Betr Entertainment Ltd (ASX: BBT)

The Betr Entertainment share price is down 4% to 34 cents. This morning, Pointsbet Holdings Ltd (ASX: PBH) revealed that it has received a new takeover offer from MIXI today. It has increased its cash consideration from $1.06 per share to $1.20 per share. Betr is hoping to acquire Pointsbet in a deal valued at $1.28 per share. However, the Pointsbet board continues to unanimously recommend MIXI's offer. The market may feel that MIXI is now in the driving seat.

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is down 2% to $9.30. This follows a pullback in the gold price overnight. It isn't just Evolution Mining that is falling today. A number of gold miners are under pressure on Wednesday, which has led to the S&P/ASX All Ordinaries Gold index falling 0.7% today.

NIB Holdings Limited (ASX: NHF)

The NIB Holdings share price is down almost 2% to $6.84. This may have been driven by profit taking from some investors following a strong gain since the start of the year. For example, despite today's decline, the private health insurer's shares are up 24% since the end of 2024. On Tuesday, the team at Morgan Stanley put an equal-weight (hold) rating on its shares with a price target of $6.85. This is largely in line with where its shares are trading today.

West African Resources Ltd (ASX: WAF)

The West African Resources share price is down 2.5% to $2.76. This morning, this gold miner released an update on its operations in Burkina Faso. According to the release, the company will be handing over an additional 5% stake in its operating projects to the Government of Burkina Faso in response to its new mining code. This will see the government's free-carried equity interest increase from 10% to 15% for its three operating projects. The West African Resources' executive chairman, Richard Hyde, commented: "WAF has agreed to align the Burkina Faso Government's equity ownership of its mining projects with the 2024 mining code, being a 5% increase in the State's free carried equity interest from 10% to 15%."

The post Why Betr, Evolution, NIB, and West African Resources shares are falling today appeared first on The Motley Fool Australia.

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 positions in and has recommended PointsBet. The Motley Fool Australia has positions in and has recommended NIB Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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