In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.5% to 8,665 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Catapult Sports Ltd (ASX: CAT)
The Catapult Sports share price is down 5.5% to $3.55. Investors have been selling this sports technology company’s shares despite there being no news out of it. However, it is worth noting that Catapult’s shares have rallied very strongly this week following the release of its FY 2026 results. In fact, despite today’s pullback, the Catapult share price remains up almost 18% since this time last week. This could mean that some investors are taking a bit of profit off the table during Friday’s session.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 4.5% to $7.77. This appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the insurance giant’s shares to a neutral rating (from buy) with an $8.50 price target. Citi made the move largely on valuation grounds following a recent share price rally. In addition, it has concerns over IAG’s exposure to Greensill-related litigation risks.
Telstra Group Ltd (ASX: TLS)
The Telstra share price is down 1.5% to $5.38. This also may have been driven by the release of a broker note this morning. According to a note out of Macquarie, its analysts have downgraded Telstra’s shares to a neutral rating (from outperform) with a trimmed price target of $5.57 (from $5.64). The broker thinks investors should be looking at tech stocks in the current environment rather than defensive telcos. This is particularly the case given its belief that the defensive premium that Telstra shares command could be at risk as interest rates rise.
Tuas Ltd (ASX: TUA)
The Tuas share price is down 3.5% to $2.23. This follows news that the Singapore-based telco has terminated its proposed acquisition of M1 Limited. This follows news earlier this week that authorities had suspended the review of the deal after Tuas’ Simba business was found to have allegedly used spectrum it did not own. It said: “Simba continues to co-operate with the investigation being undertaken by the Infocomm Media Development Authority into potential breaches of the Telecommunications Act and the conditions of Simba’s Facilities-Based Operator Licence. Tuas will keep shareholders updated in relation to that investigation.”
The post Why Catapult Sports, IAG, Telstra, and Tuas shares are falling today appeared first on The Motley Fool Australia.
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- 5 ASX 200 shares downgraded by the experts this week
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 Catapult Sports. The Motley Fool Australia has positions in and has recommended Catapult Sports and Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.