Why A2 Milk, Lindsay Australia, Meridian Energy, and Opthea shares are falling today

Much to the relief of Aussie investors, the S&P/ASX 200 Index (ASX: XJO) is having a much better session on Thursday. In afternoon trade, the benchmark index is up 0.5% to 7,819.2 points.

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

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is down almost 3% to $5.85. This is despite there being no news out of the infant formula company. However, it is possible that profit taking could be weighing on its shares today. After all, they remain up approximately 38% year to date despite this decline. Investors have been bidding the A2 Milk share price higher this year thanks to a stronger than expected performance in FY 2024. During the first half, A2 Milk reported a 3.7% increase in revenue to NZ$812.1 million and a 15.6% jump in net profit after tax to NZ$85.3 million.

Lindsay Australia Ltd (ASX: LAU)

The Lindsay Australia share price is down 2% to $1.03. This decline has been driven by the logistic services provider’s shares going ex-dividend for its interim dividend. In February, Lindsay Australia released its half-year results and reported a 23.9% increase in operating revenue to a record of $417.9 million and a 21.7% jump in underlying EBITDA to a record of $52.1 million. This allowed the company’s board to increase its interim dividend by 10.5% to a fully franked 2.1 cents per share. Eligible shareholders can now look forward to receiving this dividend later this month on April 19.

Meridian Energy Ltd (ASX: MEZ)

The Meridian Energy share price is down 2% to $5.47. Investors have been selling this energy company’s shares despite there being no news out of it today. Though, given that utilities are generally regarded as safe haven assets, it’s possible that some investors are dumping its shares today and moving back into risk assets after the market recovered from yesterday’s selloff. Meridian Energy shares remain up 10% over the last 12 months.

Opthea Ltd (ASX: OPT)

The Opthea share price is down over 2.5% to 73 cents. This morning, this retinal disease focused global biopharmaceutical company released a presentation relating to its Sozinibercept product. Management believes it has the potential to be the first product in more than 15 years to improve visual outcomes. It is addressing a high unmet need for wet age-related macular degeneration (AMD). And while the company estimates that it has a multi-billion dollar commercial opportunity in a growing market, investors don’t appear to be overly convinced based on its share price performance.

The post Why A2 Milk, Lindsay Australia, Meridian Energy, and Opthea shares are falling today appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• 7 ASX small-cap shares that are cheaper than the ASX 200 in March 2024
• Why is the A2 Milk share price up 46% year to date and at a 52-week high?
• This new catalyst could make A2 Milk shares a buy
• Here are the top 10 ASX 200 shares today

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 Lindsay Australia. The Motley Fool Australia has recommended A2 Milk and Lindsay Australia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/Dkp3J6q