The S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain despite weakness on Wall Street overnight. In afternoon trade, the benchmark index is up 0.45% to 6,652.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Aurizon Holdings Ltd (ASX: AZJ)
The Aurizon share price is down 2% to $3.75. This is despite the company revealing that the ACCC will not oppose the proposed acquisition of One Rail by Aurizon. However, the rail freight operator will have to divest One Railâs east coast business to complete the deal.
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price is down 7.5% to $3.28. This morning the food company released its FY 2023 guidance and revealed that it expects to report EBITDA of $160 million to $190 million. This will mean no growth and potentially even a decline year on year based on FY 2022âs guidance of $175 million to $190 million. A note out of Bell Potter today reveals that it was forecasting EBITDA of $195 million in FY 2023.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 3% to $16.53 despite there being no news out of the travel agent. However, it is worth noting that other travel shares are also falling on Thursday. Investors may be concerned that rising inflation could impact consumer spending on travel.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 5% to 64 cents. This morning this lithium developerâs shares returned from a trading halt after responding to a scathing report from J Capital. Although management said that the report âputs forth incorrect information on technical matters and inaccurate assertions on Lake Resourcesâ progress to date,â it hasnât stopped investors selling down its shares today.
The post Why Aurizon, Bega Cheese, Flight Centre, and Lake Resources shares are sinking appeared first on The Motley Fool Australia.
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More reading
- Here are 3 ASX 200 shares tumbling to new 52-week lows today
- ASX 200 midday update: Telstra completes acquisition, Lake Resources and Bega Cheese sink
- Own ASX travel shares? Here’s the outlook for FY23
- âIncorrect’ and ‘inaccurateâ: Lake Resources delivers response to shares short-seller
- The best and worst ASX All Ords mining shares of FY22
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 Aurizon Holdings Limited and Flight Centre Travel Group 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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