The S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain on Wednesday. In afternoon trade, the benchmark index is up 0.7% to 7,176.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
BHP Group Ltd (ASX: BHP)
The BHP share price is down 9% to $43.35. The catalyst for this has been the Big Australian’s shares trading ex-dividend for its in-specie dividend. Eligible BHP shareholders can now look forward to receiving one new Woodside Energy Group Ltd (ASX: WDS) share for every 5.534 BHP shares they own when the demerger of BHP’s petroleum assets completes on June 1.
BrainChip Holdings Ltd (ASX: BRN)
The BrainChip share price is down 5.5% to $1.09. This follows news that its executives have been granted very generous stock issues. For example, the company’s CEO, Sean Hehir, who was only appointed to the role in November, has been issued over 7 million restricted shares. Shareholders clearly weren’t happy, with almost a quarter of votes at the annual general meeting against the issue of 6 million of these shares. However, this wasn’t quite enough to stop the shares from being issued.
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 6% to $6.27. This follows the completion of the mineral exploration company’s capital raising this afternoon. Chalice has successfully raised approximately $100 million at a 10% discount of $6.00 per new share. The proceeds will be used to fund ongoing exploration and pre-development activities at its 100%-owned Julimar Nickel-Copper-PGE Project.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is down almost 2.5% to $18.29. Investors have been selling this medical device company’s shares following the release of its full-year results. The company reported a 15% decline in operating revenue to NZ$1.68 billion and a 28% drop in net profit after tax to NZ$376.9 million.
The post Why BHP, BrainChip, Chalice Mining, and Fisher & Paykel shares are dropping appeared first on The Motley Fool Australia.
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More reading
- ASX 200 midday update: BHP and Pilbara Minerals shares tumble
- What exactly is the difference between Woodside Energy (WDS) and Woodside Petroleum (WPL)?
- Fisher & Paykel share price exhales following ‘strong’ full-year results
- Why is the BHP share price sinking 10% today?
- 5 things to watch on the ASX 200 on Wednesday
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 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 Scott Phillips.
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