In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. At the time of writing, the benchmark index is up 1.5% to 6,778.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Austal Ltd (ASX: ASB)
The Austal share price is down 6% to $2.26. This is despite there being no news out of the shipbuilder on Monday. However, in recent news, last week, the company was ordered to pay a $0.65 million penalty for a disclosure breach.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down 5% to $7.06. The catalyst for this has been the coal minerâs shares trading ex-dividend this morning for its latest dividend. Thanks to sky high coal prices, last month the company was able to declare a mammoth fully franked final dividend of 56 cents per share. This was the equivalent of a fully franked 7.3% dividend yield at Fridayâs close price. Eligible shareholders can look forward to receiving this dividend on 8 November.
Playside Studios Ltd (ASX: PLY)
The Playside share price is down 2.5% to 60 cents. This morning the video game developer released its first quarter update and revealed a modest 6.5% quarter on quarter increase in revenue to $6.5 million. This wasnât enough to cover its operating costs, leading to an operating cash outflow of $0.85 million.
South32 Ltd (ASX: S32)
The South32 share price is down 2% to $3.64. This follows the release of a mixed quarterly update from the mining giant this morning. South32âs production during the quarter was a little hit and miss. One of the disappointments was its met coal production, which fell short of expectations and has forced a reduction in its full year production guidance.
The post Why Austal, New Hope, Playside, and South32 shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Why is the BHP share price leaping 4% on Monday?
- Here are 3 ASX All Ords shares turning ex-dividend this week
- The ASX 200 is roaring higher so why is the New Hope share price sinking 7%?
- South32 share price higher despite met coal downgrade
- 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 Austal Limited. 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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