The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Wednesday. In afternoon trade, the benchmark index is up 1.45% to 8,995 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
ASX Ltd (ASX: ASX)
The ASX share price is down 4% to $54.14. Investors have been selling this stock exchange operator’s shares after it announced the exit of its CEO. The company advised that its CEO, Helen Lofthouse, will step down from the role in May. It also revealed that the CHESS project Release 1 is targeting go-live in April, just before she leaves.
CSL Ltd (ASX: CSL)
The CSL share price is down 6% to $160.54. This has been driven by the release of a soft half-year result and news that the biotech giant’s CEO, Dr Paul McKenzie, has resigned with immediate effect. With respect to the latter, CSL’s chair, Dr Brian McNamee AO, said: “Paul and the Board have determined that now is the right time for new leadership to continue to drive CSL’s strategic transformation and performance.” For the first half, CSL posted underlying NPATA of US$1.9 billion, which was down 7% on the prior corresponding period. One positive is that management has reaffirmed its guidance for FY 2026.
GQG Partners Inc (ASX: GQG)
The GQG share price is down 3.5% to $1.59. This follows the release of the fund manager’s latest funds under management (FUM) update. GQG Partners revealed that its FUM increased to US$165.7 billion (from US$163.9 billion) during January. However, this reflects a strong investment performance, which offset US$4.2 billion of net outflows.
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is down almost 5% to 20 cents. Investors have been selling the rare earths company’s shares despite a positive update on the production performance at its recently commissioned Mixed Rare Earth Carbonate (MREC) Pilot Plant at the Caldeira Rare Earth Project in Brazil. The company’s managing director, Stuart Gale, said: “Results achieved at the Pilot Plant to date have bettered the extensive test work conducted by ANSTO which is a great credit to our team who have spent significant time developing Meteoric’s understanding of the Caldeira Ionic Clay deposits.” Average magnet rare earth element recoveries were 70%. It is possible some investors were expecting stronger recoveries.
The post Why ASX, CSL, GQG, and Meteoric Resources shares are sinking today appeared first on The Motley Fool Australia.
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More reading
- CSL shares crash 12% on half-year results and shock CEO exit
- Here’s everything you need to know about CSL’s upcoming dividend
- GQG Partners lifts FUM to US$165.7b in January update
- CSL half-year earnings: profit drops but guidance reaffirmed
- Why ASX leadership is back in focus ahead of results
Motley Fool contributor James Mickleboro has positions in CSL and Gqg Partners. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has recommended CSL and Gqg Partners. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.