The S&P/ASX 200 Index (ASX: XJO) is on form on Tuesday and on course to record a decent gain. In afternoon trade, the benchmark index is up 0.4% to 7,056.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:
AnteoTech Ltd (ASX: ADO)
The AnteoTech share price is down 7.5% to 36.5 cents. This is despite there being no news out of the biotechnology company. However, with the company’s shares up a sizeable 40% over the last 30 days (even after today’s decline), profit taking could be weighing on them today.
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price is down 3.5% to $4.90. This morning analysts at Goldman Sachs retained their hold rating and $4.04 price target on the property listings company’s shares. The broker’s research indicates that Domain is increasing prices by 4% in the Inner Sydney market, but with no other changes/inclusions to agent contracts. This is smaller than the 8% increase by rival REA Group Limited (ASX: REA).
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price has fallen 3.5% to $16.32 following the release of a third quarter update. The travel agent revealed that trading was subdued in January and February before rebounding in March. However, this won’t be enough for an improvement in its second half result. Management expects to report an underlying second half loss in line with the one recorded in the first half.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 5% to $10.18. This is despite the furniture retailer releasing a trading update and revealing that its year to date revenue growth was ~44% to 30 April. Positively, more of the same is expected in the fourth quarter, which is expected to result in net profit of $78 million to $80 million in FY 2021. This will be increase of approximately 85% to 90% on the previous financial year. It appears as though some investors were expecting an even stronger performance.
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More reading
- ASX 200 up 0.2%: SEEK hits record high, Flight Centre tumbles
- Nine (ASX:NEC) share price edges higher on third quarter update
- Flight Centre (ASX:FLT) share price lower following Q3 update
- Why the Nick Scali (ASX:NCK) share price will be on watch today
- 2 high quality blue chip ASX 200 shares rated as buys
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and REA Group 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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