In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to extend its winning run. At the time of writing, the benchmark index is up 0.25% to 7,287.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
AnteoTech Ltd (ASX: ADO)
The AnteoTech share price is down 8.5% to 21.5 cents. This follows news that the Therapeutic Goods Administration wants more clinical data before it approves its EuGeni Reader and SARS CoV-2 Ag Rapid Diagnostic Test. AnteoTech intends to collect further clinical data based on samples collected directly from patients and immediately analysed on the EuGeni Reader before making another submission.
ASX Ltd (ASX: ASX)
The ASX share price is down 5% to $82.47. This follows the surprise announcement that its CEO, Dominic Stevens, will retire later this year. The market appears concerned at the timing of the exit given the major clearing and settlement system replacement project it is undertaking. This project, which is behind schedule and over budget, is expected to complete in 2023.
CIMIC Group Ltd (ASX: CIM)
The CIMIC share price is down 7% to $15.90 following the release of its full year results. For the 12 months, the engineering company reported a 35.2% decline in net profit after tax to $402.1 million. This was well short of the market consensus estimate of $422.7 million.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has tumbled 5% to $8.37. Investors have been selling this online furniture retailer’s shares amid a lukewarm response to its half year results from brokers. For example, the team at Macquarie has retained its neutral rating and cut its price target by 20% to $9.70. While pleased with its result, it has cut its earnings forecasts to reflect higher cost estimates.
The post Why AnteoTech, ASX, CIMIC, and Temple & Webster shares are dropping appeared first on The Motley Fool Australia.
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More reading
- ASX Ltd (ASX:ASX) share price sneezes despite robust first-half results as CEO says sayonara
- ASX 200 (ASX:XJO) midday update: NAB impresses, ASX CEO to retire before CHESS replacement completes
- Cimic (ASX:CIM) share price edges lower following 25% drop in statutory NPAT
- Why CBA, Computershare, Dicker Data, and Temple & Webster shares are on fire today
- Cha-ching! Temple & Webster (ASX:TPW) share price soars 12% on record half revenues
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 Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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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