In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small gain. At the time of writing, the benchmark index is up slightly to 7,505 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Bank of Queensland Limited (ASX: BOQ)
The Bank of Queensland share price is down almost 2.5% to $8.48. Investors have been selling this regional bank’s shares today following the release of a broker note out of Macquarie. According to the note, the broker has downgraded the bank’s shares to a neutral rating from outperform and cut the price target on them to $9.00.
Block Inc (ASX: SQ2)
The Block share price is down 2.5% to $180.49. This follows weakness in the tech sector following a poor night of trade on the Nasdaq index. It isn’t just the Block share price that is trading lower today. The S&P ASX All Technology index is down by a disappointing 1.3% this afternoon.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down 2.5% to $26.82. This may have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its sell rating and $24.30 price target on the retailer’s shares. It believes the apparel and accessories category will be most susceptible to downside risk from the weakening of the discretionary goods growth.
REA Group Limited (ASX: REA)
The REA share price is down 3.5% to $130.82. Investors may have concerns that rival Domain Holdings Australia Ltd (ASX: DHG) is closing the gap on REA following the announcement of its $180 million acquisition of Realbase. It is a leading campaign management technology platform in the Australia and New Zealand region. Management expects it to progress Domain’s strategy to deliver solutions that help agents and consumers at every stage of the property journey.
The post Why Bank of Queensland, Block, Premier Investments, and REA shares are dropping appeared first on The Motley Fool Australia.
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More reading
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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 Block, Inc. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool Australia has recommended Premier Investments 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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