Why Ampol, Calix, Collins Foods, and Propel shares are tumbling today

The S&P/ASX 200 Index (ASX: XJO) has found its legs in afternoon trade and is pushing higher. At the time of writing, the benchmark index is up 0.25% to 7,718.4 points.

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

Ampol Ltd (ASX: ALD)

The Ampol share price is down 5% to $37.33. This has been driven by the fuel retailer’s shares going ex-dividend this morning for its latest payout. Eligible shareholders can now look forward to receiving its $1.80 per share final dividend later this month on 27 March.

Calix Ltd (ASX: CXL)

The Calix share price is down 7% to $1.77. Investors have been selling this environmental technology company’s shares following the release of its half-year results. Calix reported a 28% increase in revenue to $16.3 million but a loss after tax of $13.3 million. That’s up from a loss of $9.3 million a year earlier.

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is down 6% to $10.35. This appears to have been driven by a broker downgrade. According to a note out of Citi, its analysts have downgraded the KFC restaurant operator’s shares to a sell rating with a $10.60 price target. Citi has concerns over the company’s second-half prospects. Particularly after one of its poultry suppliers recently reported weaker sales volumes.

Propel Funeral Partners Ltd (ASX: PFP)

The Propel Funeral Partners share price is down 4% to $5.57. This morning, the funerals company revealed that it has almost doubled the size of its share purchase plan due to strong demand. The company was seeking to raise $10.5 million from retail shareholders. But with applications totalling approximately $20.5 million from over 900 applicants, it has decided to increase its offering by $10 million to approximately $20.5 million.

The post Why Ampol, Calix, Collins Foods, and Propel shares are tumbling today appeared first on The Motley Fool Australia.

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More reading

• Why this ASX 300 share is leaping 14% despite being branded a ‘sell’
• Why is the Ampol share price tumbling 5% on Friday?
• How I’d invest $250 a month in ASX dividend shares to target a $24,000 annual second income
• Looking to bank the record Ampol dividend? Time is running out!
• 25 ASX 200 shares with ex-dividend dates next week

Motley Fool contributor James Mickleboro has positions in Collins Foods. 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 Collins Foods and Propel Funeral Partners. 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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