Why Lynas, Oil Search, Pushpay, & Webjet shares are tumbling lower

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has defied weakness on Wall Street and is on course to record a solid gain. At the time of writing, the benchmark index is up 0.7% to 6,791.9 points.

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

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price is down 9% to $5.64. This is despite there being no news out of the rare earth producer today. However, this morning, one of its rivals announced a major capital raising. Australian Strategic Materials Ltd (ASX: ASM) hasn’t revealed what it is raising the money for, but it could be to fund its Dubbo Project in New South Wales. The company has previously…