Why Alliance, Aurizon, MVP, and Suncorp shares are dropping today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small gain. At the time of writing, the benchmark index is up 0.1% to 7,024.3 points.

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

Alliance Aviation Services Ltd (ASX: AQZ)

The Alliance share price is down almost 5% to $3.43. This follows the release of a fleet update by the airline operator this morning. Alliance has concluded a review on the Fokker 50 fleet and determined that customers overwhelmingly prefer jet aircraft rather than Fokker 50s on their charter services. As a result, the company will retire early and sell the turboprop fleet. This will result in a non-cash accounting write down of $12.1 million.

Aurizon Holdings Ltd (ASX: AZJ)

The Aurizon share price is down 3% to $3.91. This morning the rail freight operator released its full year results. Aurizon reported a 2% decline in net profit after tax to $525 million and a 24% decline in its final dividend to 10.9 cents per share.

Medical Developments International Ltd (ASX: MVP)

The Medical Developments International share price has sunk 18% to $1.96. This follows the completion of the healthcare company’s institutional placement this morning. Medical Developments International raised a total of $20 million. These funds were raised at a sizeable discount of $2.00 per new share. The company will now seek to raise $10 million from retail investors.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is down 4% to $11.14. Investors have been selling this insurance giant’s shares after its FY 2022 results fell short of expectations. Suncorp reported a 34% decline in net profit after tax to $681 million and declared a final dividend of 17 cents per share. This compares to consensus estimates of $699 million and 23 cents per share, respectively.

The post Why Alliance, Aurizon, MVP, and Suncorp shares are dropping today appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Here’s why the Medical Developments share price is sinking 17% on Monday
• Aurizon share price slips as dividend cut by 24%
• Suncorp share price slides following softer-than-expected FY2022 results
• Suncorp share price on watch after FY22 profit falls 34%
• 5 things to watch on the ASX 200 on Monday

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 positions in and has recommended Medical Developments International Limited. The Motley Fool Australia has recommended Alliance Aviation Services Ltd., Aurizon Holdings Limited, and Medical Developments International Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/aRneEWj