The S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. In afternoon trade, the benchmark index is up 0.35% to 7,391.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down 2.5% to $85.26. This follows a pullback by the Square/Block share price overnight despite solid gains in the tech sector. As Afterpay has agreed to be acquired by Square in an all-scrip deal, the value of the takeover will rise and fall with its share price.
Bega Cheese Ltd (ASX: BGA)
The Bega share price has sunk 10% to $5.05. Investors have been selling the diversified food company’s shares after the release of underwhelming FY 2022 guidance. Bega has provided guidance for normalised EBITDA in the range of $195 million to $215 million. While this will be an increase of 37% to 51% year on year, it was well short of the market’s expectations.
FAR Ltd (ASX: FAR)
The FAR share price is down a massive 51% to 36.5 cents. Investors have been selling this energy explorer’s shares after its search for oil was fruitless. According to its update, the company has been drilling the Bambo-1ST1 well offshore The Gambia. However, after drilling to a depth of 3317 metres, no live oil columns were found to be present.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is down 2.5% to $58.70. This morning the logistics solutions company announced that its founder and CEO, Richard White, has entered into a transaction involving the sale of 4.3 million WiseTech shares. This equates to approximately 1.3% of the total issued capital of WiseTech.
The post Why Afterpay, Bega, FAR, and WiseTech shares are falling appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: Medibank and NIB rise, Bega sinks
- Here’s why the FAR (ASX:FAR) share price is sinking 51% to an all-time low
- Why the Bega (ASX:BGA) share price is sinking 9% today
- Why is the Afterpay (ASX:APT) share price soaring 5% today?
- Why Afterpay, Lovisa, Liontown, and Pilbara Minerals shares are racing higher
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. owns and has recommended AFTERPAY T FPO and WiseTech Global. The Motley Fool Australia owns and has recommended AFTERPAY T FPO and WiseTech Global. 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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