In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher. At the time of writing, the benchmark index is up 0.4% to 7,438 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is down 3% to $4.40. Investors have been selling this gold miner’s shares after it was the subject of a bearish broker note out of UBS. According to the note, the broker has downgraded Evolution’s shares to a sell rating with a $4.23 price target.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price has continued its slide and is down a further 4% to $21.90. Investors have been selling this medical device company’s shares since the release of a trading update last week. Fisher & Paykel Healthcare advised that it expects FY 2022 operating revenue in the range of NZ$1.675 billion to NZ$1.70 billion. This represents a 13.7% to 15% year on year decline from NZ$1.97 billion in FY 2021. Management also warned that higher freight costs would impact margins.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 3.5% to $1.46. This morning the gold miner revealed the impact of COVID-19 disruptions at its Simberi operation. According to the release, Simberi is now forecast to produce between 25-30koz at an all-in sustaining cost (ASIC) of $3,200-$3,600 per ounce in FY 2022. As a result, total FY 2022 production is expected to come to 275-290koz and AISC of $1,750-1,870 per ounce. This compares to its original (previously withdrawn) guidance of 305-355koz with an ASIC of $1,710 to $1,860 per ounce.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down almost 4% to $1.46. Investors have been selling Zip and other tech shares on Monday following a poor night of trade on the Nasdaq index on Friday. In addition, futures contracts are pointing to another decline for the tech-focused index tonight. The S&P ASX All Technology index is down 2.2% at the time of writing.
The post Why Evolution, Fisher & Paykel Healthcare, St Barbara, and Zip shares are falling appeared first on The Motley Fool Australia.
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More reading
- Why the St Barbara (ASX:SBM) share price is slipping today?
- These are the 10 most shorted ASX shares
- 3 ASX growth shares down more than 50% in a year
- These were the worst performing ASX 200 shares last week
- Do Zip shares pay dividends?
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 ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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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