The S&P/ASX 200 Index (ASX: XJO) is back on form and racing higher on Monday afternoon. At the time of writing, the benchmark index is up 1.45% to 6,770.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 6% to $22.64. Today’s decline has been driven by the the iron ore giant’s shares trading ex-dividend this morning for its fully franked interim dividend of $1.47 per share. When a share goes ex-dividend, it trades without the rights to an upcoming dividend. In light of this, a share will tend to drop to reflect this. Eligible shareholders can look forward to receiving this dividend on 24 March.
Genworth Mortgage Insurance Australia Ltd (ASX: GMA)
The Genworth share price has sunk 7% to $2.39. This morning the company revealed that major shareholder Genworth Financial has entered into an agreement to sell its ~52% stake in the company. If the sales agreement completes successfully, Genworth Financial will no longer own any shares in Genworth Mortgage Insurance Australia.
Limeade Inc (ASX: LME)
The Limeade share price has crashed 32% lower to $1.01. This appears to be a delayed response to the company’s full year results release on Friday. Investors appear very disappointed with the employee experience software company’s guidance for FY 2021. Management expects revenue of US$50 million to US$53 million. This is a decline on FY 2020’s revenue of US$56.6 million.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 2.5% to $9.96. Investors have been selling this gold miner’s shares following a pullback in the gold price on Friday. On Friday night, the spot gold price sank 2.6% to US$1,728.80 an ounce. Rising US bond yields and a strengthening US dollar sent the precious metal to an eight-month low.
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More reading
- ASX 200 up 1.5%: Afterpay & Zip jump, Fortescue tumbles
- Why the Fortescue (ASX:FMG) share price is sinking 6% today
- ASX 200 Weekly Wrap: Friday carnage ruins last week of ASX earnings
- 5 things to watch on the ASX 200 on Monday
- Why outperforming ASX resources shares will be in the hotseat on Monday
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Limeade, Inc. The Motley Fool Australia has no position in any of the stocks mentioned. 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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