In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a gain. At the time of writing, the benchmark index is up 0.2% to 7,377.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
AMA Group Ltd (ASX: AMA)
The AMA share price is down over 30% to 17 cents. This follows the release of a very disappointing update from the smash repair company. AMA has downgraded its FY 2023 normalised EBITDA guidance to between $60 million and $68 million from $70 million to $90 million. This was driven by ongoing margin compression. Together with its significant debt load, investors appear concerned about its future.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down 9% to $5.27. This has been driven by the coal minerâs shares going ex-dividend this morning for its interim and special dividends. Last month, thanks to strong coal prices, the company released its half-year results and declared a 30 cents per share interim dividend (up 76% year over year) and a special 10 cents per share dividend. These will be paid to eligible shareholders at the start of next month.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is down 12% to $2.13. Investors have been selling this gold minerâs shares following the release of its quarterly update. Regis delivered gold production of 103,728 ounces during the quarter, which was well short of expectations. This has led to the company revising its full-year production guidance lower.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 5% to 61.2 cents. This morning, this gold miner returned from a suspension and revealed that it has agreed to sell its Leonora assets to Genesis Minerals Ltd (ASX: GMD). The release notes that the acquisition of St Barbaraâs Leonora assets will position Genesis as a gold industry leader with a dominant position in Western Australiaâs world-class Leonora District.
The post Why AMA, New Hope, Regis Resources, and St Barbara shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Why did ASX All Ords share AMA just crash 30%?
- ASX 200 gold stock Regis Resources is tumbling 12% today. Hereâs why
- 3 ASX 200 shares trading ex-dividend this week
- Why is the New Hope share price crashing 8% today?
- 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 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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