The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decent gain. In afternoon trade, the benchmark index is up 0.3% to 7,532.2 points.
Four ASX shares that have failed to climb with the market today are listed below. Hereâs why they are dropping:
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price is down 2.5% to $3.70. This morning, this diversified food company announced that its CEO, Paul van Heerwaarden, has exited the company today. While van Heerwaardenâs departure had been previously flagged, investors appear disappointed that the transition period wasnât longer.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 1% to $4.78. This follows the release of an update on its exposure to the New Zealand storms and floods. IAG revealed that it has now received more than 15,000 claims to date across its AMI, State, NZI, and partner brands.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down almost 4% to $12.71. Investors have been selling the gold minerâs shares following a pullback in the gold price overnight. It isnât just Northern Star that is falling today. A large number of gold miners are trading lower. This has led to the S&P/ASX All Ordinaries Gold index falling 3.4% this afternoon.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is down almost 4% to $6.22. This appears to have been driven by broad weakness in the mining sector on Friday. Not even an update on the Motheo project in Botswana has been able to stop this copper miner’s shares from sinking into the red today. Management advised that construction of the initial 3.2Mtpa project is nearing completion and production is expected to ramp up from the June quarter.
The post Why Bega Cheese, IAG, Northern Star, and Sandfire shares are dropping appeared first on The Motley Fool Australia.
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More reading
- IAG share price sinks 5% as New Zealand flood claims pour in
- Happy days! 8 ASX 200 shares smashing new 52-week highs on Thursday
- Here are the top 10 ASX 200 shares today
- Investing in ASX 200 gold shares? Hereâs what to expect from the yellow metal in 2023
- 5 things to watch on the ASX 200 on Wednesday
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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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