In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decent gain. At the time of writing, the benchmark index is up 0.55% to 7,148.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
AMP Ltd (ASX: AMP)
The AMP share price is down over 4% to $1.26. Investors have been selling this financial services companyâs shares after it released an update on the divestment of its Colimate Capital businesses. AMP continues to wait for approval for the transfer of its interest in China Life AMP Asset Management. There is a danger that if this drag on any longer the transaction could be reduced in value or even terminated.
Computershare Limited (ASX: CPU)
The Computershare share price is down 5.5% to $24.25. This may have been driven by optimism that interest rates wonât rise as much as fear amid signs of easing inflation in the United States. While this is good news for the share market, it is a small blow to Computershare which benefits greatly from higher interest rates.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 1.5% to $4.68. This morning, this insurance giant announced its 2023 reinsurance program. IAGâs CFO Michelle McPherson said: âGlobal reinsurance has become more challenging over the past year due to the impact of capital markets and Australian and international natural peril events.â
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down almost 5% to $7.05. This follows the release of the radiopharmaceuticals companyâs trading update this morning. Telix reported unaudited revenue of $76.8 million for the fourth quarter of 2022. While this is a 39% quarter on quarter increase, it appears to have fallen a touch short of expectations.
The post Why AMP, Computershare, IAG, and Telix shares are dropping today appeared first on The Motley Fool Australia.
Turn the market pullback to your advantage today
The recent market pullback in stocks has been eye watering…
But there is a silver lining because, historically, some millionaires are made in bear markets.
And when investors can find world-class stocks at severe discounts you have to wonder…
Have you got these four ‘pullback stocks’ in your portfolio?
See The 4 Stocks
*Returns as of January 5 2023
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More reading
- The 3 best-performing ASX tech shares of 2022
- Here are the top 10 ASX 200 shares today
- Bell Potter names the ASX healthcare shares to buy in 2023
- The 3 best-performing ASX 200 healthcare shares of 2022 revealed
- Here are the top 10 ASX 200 shares today
Motley Fool contributor James Mickleboro has positions in Telix Pharmaceuticals. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Insurance Australia Group. 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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