Why Collins Foods, GQG, Magellan, and SkyCity shares are dropping

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a positive note. At the time of writing, the benchmark index is up 0.6% to 6,687.5 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is down 3.5% to $10.17. The catalyst for this was the quick service restaurant operator’s shares trading ex-dividend this morning for its final dividend of FY 2022. Eligible shareholders can look forward to receiving this 15 cents per share dividend at the start of next month on 1 August.

GQG Partners Inc (ASX: GQG)

The GQG share price is down 2% to $1.31. This morning this fund manager released its latest funds under management (FUM) update. GQG’s update revealed that its FUM fell 8.35% in June. This was driven partly by International Equity FUM dropping 8% and Global Equity FUM sinking 11.1% during the month.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down almost 3% to $11.93. Investors have been selling this struggling fund manager’s shares following the release of its monthly FUM update. That update revealed that Magellan’s FUM continues to dwindle. Magellan’s FUM stood at $61.3 billion at the end of June. This is down 5.7% from $65 billion at the end of May.

SkyCity Entertainment Group Limited (ASX: SKC)

The SkyCity share price is down 7.5% to $2.29. This casino and resorts operator’s shares have come under pressure this month after it revealed that the South Australian gaming regulator is undertaking an independent review of SkyCity Adelaide. The SkyCity share price has now fallen 13.5% since announcing the review.

The post Why Collins Foods, GQG, Magellan, and SkyCity shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Here’s why the Collins Food share price is sinking on Friday
• Here’s why the Magellan share price is sinking 6% today
• Why I think these 2 ASX All Ords shares are at bargain prices in July
• 5 ASX dividend shares with the highest yields in FY22
• Here are the top 10 ASX shares today

Motley Fool contributor James Mickleboro has positions in Collins Foods Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Collins Foods Limited. The Motley Fool Australia has recommended Collins Foods Limited. 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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