In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.6% to 7,522.9 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 5.5% to $8.05. Investors have been selling this bank’s shares following the release of its half year results. Bank of Queensland delivered a 14% increase in cash earnings to $268 million thanks to lending momentum, higher non-interest income, carefully managed costs, and a loan impairment expense credit. However, Citi noted that while the bank outperformed its earnings estimates, its ME Bank business disappointed with its home loan growth.
Iluka Resources Limited (ASX: ILU)
The Iluka share price is down 1% to $12.41. This decline appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the mineral sands and rare earths producer’s shares to a sell rating with a $10.50 price target. It made the move largely on valuation grounds.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down almost 6% to $3.52. This has been driven by the coal miner’s shares trading ex-dividend for its monster dividend. Eligible New Hope shareholders can now look forward to receiving this fully franked 30 cents per share interim dividend at the beginning of next month on 4 May.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down a further 4.5% to $1.23. This buy now pay later provider’s shares have come under pressure again today after analysts at Macquarie Group Ltd (ASX: MQG) spoke negatively about the industry. According to the note, the broker’s data shows that BNPL web traffic declined during March. It feels this is a “red flag for the BNPL industry.”
The post Why Bank of Queensland, Iluka, New Hope, and Zip shares are falling today appeared first on The Motley Fool Australia.
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More reading
- Bank of Queensland share price sinks 6% on half-year update
- ASX 200 midday update: Bank of Queensland sinks, Allkem jumps
- Here’s why the New Hope share price is sliding 7% today
- Bank of Queensland shares in focus amid strong first half profit growth
- 5 things to watch on the ASX 200 on Thursday
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 ZIPCOLTD FPO. The Motley Fool Australia has recommended Macquarie 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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