The S&P/ASX 200 Index (ASX: XJO) is having a better session on Friday. In afternoon trade, the benchmark index is up 0.4% to 7,780.7 points.

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

Black Cat Syndicate Ltd (ASX: BC8)

The Black Cat Syndicate share price is down 6.5% to 80 cents. This morning, this gold miner announced the completion of a share placement. Firm commitments have been received for $65 million at a discount of $0.76 per new share. Proceeds will accelerate mine development at the Kal East Gold Operations in order to supply the newly acquired Lakewood processing facility. This will ultimately see mining production increase and optimised from the May 2024 study levels of 0.8Mtpa to 1.2Mtpa throughput rates.

CAR Group Limited (ASX: CAR)

The CAR Group share price is down 3% to $33.07. This has been driven partly by the auto listings company's shares going ex-dividend this morning for its latest payout. When this happens, it means the rights to an upcoming dividend are settled and anyone buying its shares today will not receive it on pay day. As a result, a share price will tend to drop to reflect this. Last month, the Carsales.com.au owner released its half year results and declared a partially franked interim dividend of 38.5 cents per share. Eligible shareholders can look forward to receiving this payout in a month on 14 April.

Data#3 Ltd (ASX: DTL)

The Data#3 share price is down 1.5% to $7.20. This has also been driven by the IT services and solutions provider's shares going ex-dividend this morning. Last month, the company released its half year results and declared a fully franked interim dividend of 13.1 cents per share. This will be paid to eligible shareholders at the end of the month on 31 March.

Helia Group Ltd (ASX: HLI)

The Helia Group share price is down 1% to $5.56. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the LMI provider's shares to an underperform rating with a $4.20 price target. Macquarie has concerns over the company's significant contract with Commonwealth Bank of Australia (ASX: CBA). While it suspects that the contract will be renewed, it acknowledges that there are risks that it won't be or that the terms will be changed unfavourably.