In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing, the benchmark index is up 0.9% to 7,251.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Bapcor Ltd (ASX: BAP)
The Bapcor share price is down 9% to $6.44 following the release of its half year results. The auto parts retailer reported a 1.9% increase in revenue to $900.1 million but a 14.7% decline in net profit after tax to $60.7 million. Management advised that its earnings were impacted by the transition to its Victoria distribution centre and support provided to staff.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price has tumbled 9% to $52.64. Investors have been selling this mining and mining services company’s shares after its half year results fell well short of expectations. Mineral Resources delivered an underlying net loss after tax of $36 million for the six months. This compares to the consensus estimate of a $105 million profit.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down a further 6% to $4.51. Investors have been selling this infection prevention specialist’s shares this week amid a shock announcement relating to its sales agreement with GE Healthcare in North America. With immediate effect, Nanosonics will take everything in-house. Goldman Sachs was very disappointed. It notes that “GE has played a critical role in driving adoption of NAN’s trophon system over 10+ years and, in FY21, GE constituted 60% of NAN’s Group sales.” In response, the broker has retained its sell rating and slashed its price target to $3.80.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price has returned from its trading halt and dropped 10% to $1.48. This follows the completion of the institutional component of its $250 million capital raising. Syrah has raised $192 million from institutional investors at $1.48 per new share. This represents a discount of 10.3% to its last close price. These funds will support the initial expansion of its Vidalia active anode material (AAM) facility in Louisiana, USA.
The post Why Bapcor, Mineral Resources, Nanosonics, and Syrah shares are falling today appeared first on The Motley Fool Australia.
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More reading
- Could climbing costs crash the ASX lithium share party?
- Syrah Resources (ASX:SYR) share price sinks 11%. Here’s why
- ASX 200 (ASX:XJO) midday update: CBA impresses, Mineral Resources delivers a shocker
- Down but not out: Bapcor (ASX:BAP) share price slumps on sluggish first half
- Mineral Resources (ASX:MIN) share price slides as lower iron ore prices bite
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. owns and has recommended Nanosonics Limited. The Motley Fool Australia owns and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Bapcor. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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