In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.65% to 7,009.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Grange Resources Limited (ASX: GRR)
The Grange Resources share price is down 7.5% to 78.7 cents. Part of this decline has been driven by the iron ore pellet companyâs shares trading ex-dividend this morning for its latest dividend. Eligible shareholders will receive Grange Resourcesâ 2 cents per share fully franked dividend at the end of the month on 30 September.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price has crashed 20% to $3.57. Investors have been selling this administration services companyâs shares amid doubts over its takeover. This follows news out of the UK which threatens to scupper the transaction. To gain its approval for the deal, the UK Financial Conduct Authority is asking Dye & Durham to put down A$519 million towards redress payments relating to the now-collapsed Woodford Equity Income Fund.
Ramsay Health Care Limited (ASX: RHC)
The Ramsay share price is down 10% to $62.98. This follows news that a consortium led by KKR has refused to increase its $88 per share offer after Ramsay rejected it. The private hospital operator described the offer as âmeaningfully inferior.â However, it has left the door open for KKR to post an improved bid. Though, investors donât appear confident that one is coming.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 2.5% to $8.39. This appears to have been driven by news out of Europe. According to Reuters, energy companies in the EU, such as coal miners, could be required to make a solidarity contribution to help offset the effects of the continentâs ongoing energy crisis.
The post Why Grange, Link, Ramsay, and Whitehaven Coal shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Why is the Whitehaven share price lagging behind the ASX 200 on Tuesday?
- Ramsay share price tumbles 11% as suitor refuses to improve takeover offer
- Why is the Link share price crashing 20%?
- Why is the Grange Resources share price falling in a hole on Tuesday?
- No deal? Hereâs why the Ramsay share price is on ice
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. has positions in and has recommended Link Administration Holdings Ltd. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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