In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is charging higher. At the time of writing, the benchmark index is up 0.65% to 7,400.1 points.

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

AMP Ltd (ASX: AMP)

The AMP share price is down over 13% to $1.13. Investors have been selling this financial services company’s shares following the release of its half year results. Investors appear disappointed that AMP reported a 34% decline in underlying net profit after tax to $184 million.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is down 3% to $2.93. Although the gold miner reported a 13% increase in EBITDA to $446 million, it decided to cut its dividend down to 2 cents per share. Management advised that this dividend balances capital investment and balance sheet management with investor returns.

Perenti Ltd (ASX: PRN)

The Perenti share price is down 8% to $1.11. This follows news of an incident at the Dugald River underground mine in Cloncurry, Queensland. The mining services company remains hopeful that a positive outcome can be achieved and is working around the clock.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is down 3% to $7.95. Investors have been selling this coal miner’s shares following the release of its half year results. Although Whitehaven Coal delivered incredible growth and a sales and profit result in line with consensus expectations, its dividend appears to have disappointed the market. Whitehaven Coal increased its fully franked interim dividend by a massive 300% to 32 cents per share. However, this was still well short of the 44 cents per share consensus estimate.

The post Why AMP, Evolution, Perenti, and Whitehaven Coal shares are dropping appeared first on The Motley Fool Australia.

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More reading

• AMP share price dives 12% on earnings miss
• Everything you need to know about the monster Whitehaven dividend
• Whitehaven Coal share price sinks despite 423% profit jump
• ‘Looks attractive’: Fund names 3 ASX shares to buy for the energy crisis
• 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. 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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