The S&P/ASX 200 Index (ASX: XJO) is having a subdued session and is on course to record a small decline. In afternoon trade, the benchmark index is down 0.1% to 7,856.4 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Infratil Ltd (ASX: IFT)
The Infratil share price is down 5% to $9.80. Investors have been hitting the sell button today after the New Zealand infrastructure business released its full year results. This was despite the company reporting a 63% jump in proportionate EBITDA to NZ$864 million, which was above the top end of its revised guidance range. Though, it is worth noting that a substantial portion of this EBITDA increase can be attributed to the higher ownership stake in One NZ since June 2023. After adjusting for this change, EBITDA growth stood at 15.5% in FY 2024.
James Hardie Industries plc (ASX: JHX)
The James Hardie share price is down over 11% to $48.42. This has been driven by the release of the fourth quarter and full year update from the building materials company. James Hardie achieved record fourth quarter sales of US$1,004.9 million and record full year sales of US$3,936.3 million. However, despite this strong top line performance, it appears that the company’s earnings still fell short of expectations for the fourth quarter. In addition, its guidance for FY 2025 was well below the consensus estimate.
Sonic Healthcare Ltd (ASX: SHL)
The Sonic Healthcare share price is down 6% to $25.01. Investors have been selling this pathology company’s shares after it downgraded its guidance for FY 2024. It now expects FY 2024 EBITDA of approximately $1.6 billion on revenues of approximately $8.9 billion. The former is short of its guidance range of $1.7 billion to $1.8 billion. Management advised that this is due to inflationary pressures on the business. This is being exacerbated by currency exchange headwinds.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down 8% to 49.7 cents. This has been driven by news that a rumoured suitor, Hard Rock Hotels and Casinos, has denied that it is interested in acquiring the troubled casino and resorts operator. Hard Rock wasn’t happy to learn of the media speculation. It said: “Any misuse of the Hard Rock name in unauthorised business dealings is taken very seriously. We are currently investigating this matter and will pursue all necessary legal actions to protect our brand and reputation.”
The post Why Infratil, James Hardie, Sonic Healthcare, and Star Entertainment shares are sinking today appeared first on The Motley Fool Australia.
Should you invest $1,000 in Infratil Limited right now?
Before you buy Infratil Limited shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Infratil Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
See The 5 Stocks
*Returns as of 5 May 2024
More reading
- Which ASX 200 stock just plunged 12% despite record full-year earnings?
- Why this ASX 200 healthcare stock is tumbling 6% today
- 3 ASX 300 shares hitting new 52-week lows: Are they cheap buys?
- Star Entertainment share price dives 10% on Hard Rock update
- 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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sonic Healthcare. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Leave a Reply