In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record another strong gain. At the time of writing, the benchmark index is up 1.1% to 7,251.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
ASX Ltd (ASX: ASX)
The ASX share price is down 2% to $80.61. This follows an outage which saw its ASX 24 futures contracts trading platform go offline for several hours. The stock exchange operator has since revealed that it is now up and running. It commented: “ASX can confirm that the issue was caused by a hardware fault, which has been resolved.“
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global Resources share price is down 4.5% to $1.82. This decline is entirely attributable to the coal miner’s shares going ex-dividend this morning for its 8.8 cents per share final dividend. In fact, if you take this out of the equation, the company’s shares would be a fraction higher for the day. Eligible shareholders will be paid this dividend next month on 8 April.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is down 3.5% to $8.39. This is despite there being no news out of the grain exporter. However, it is worth noting that its shares had risen over 35% during the last six months prior to today’s decline. Some investors may have decided to take a bit of profit off the table and rotate into other areas of the market.
Integral Diagnostics Ltd (ASX: IDX)
The Integral Diagnostics share price is down 2.5% to $3.77. This morning the medical imaging services provider announced the completion of the retail component of its entitlement offer. Integral Diagnostics raised approximately $43 million at the offer price of $3.44 per new share, bringing the total raised to ~$90 million. However, there was only a 40% take up rate by retail shareholders, which ultimately led to around half of the retail offer being allocated to sub-underwriters.
The post Why ASX, Coronado, Graincorp, and Integral Diagnostics shares are dropping today appeared first on The Motley Fool Australia.
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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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Integral Diagnostics 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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