Why ANZ, Australian Clinical Labs, Core Lithium, and Kogan are sinking today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.55% to 6,847.4 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

The ANZ share price is down almost 4% to $24.86. This follows the release of the banking giant’s full year results for FY 2022. For the 12 months ended 30 September, ANZ reported a 5% lift in cash profit from continuing operations to $6,515 million. While this was slightly ahead of Goldman Sachs’ estimates, its pre-provisioning operating profit “came in 1% lower than GSe, as an in-line NIM performance was more than offset by slightly weaker volumes and weaker than expected performance in Markets income.”

Australian Clinical Labs Ltd (ASX: ACL)

The Australian Clinical Labs share price is down 4% to $3.39. This morning this pathology provider revealed that it was the victim of a cyber incident all the way back in February. And despite finding customer data on the dark web in June, it has taken the company until now to tell patients and the market.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 4.5% to $1.39. Investors have been selling this lithium miner’s shares after it revealed that its proposed offtake agreement with Tesla has collapsed. However, the company doesn’t appear concerned given the insatiable demand for lithium and its other offtake agreements which account for 80% of planned production.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down 6% to $3.29. This appears to have been driven by a broker note out of Credit Suisse this morning. In response to the company’s dismal first quarter update, the broker has downgraded its shares to an underperform rating and slashed the price target on them by 25% to $2.73.

The post Why ANZ, Australian Clinical Labs, Core Lithium, and Kogan are sinking today appeared first on The Motley Fool Australia.

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More reading

• Everything you need to know about the latest ANZ dividend
• Another ASX All Ords share is plunging 12% on cyberattack news
• Core Lithium share price crushed on Tesla deal collapse
• Why is the ANZ share price sinking today?
• ANZ share price on watch after reporting $6.5b cash earnings for FY22

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