Why ANZ, Coronado Global, Eclipx, and Westpac shares are dropping

The S&P/ASX 200 Index (ASX: XJO) has started the week positively. In afternoon trade, the benchmark index is up 0.4% to 6,922.1 points.

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

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

The ANZ share price is down 4.5% to $24.32. There are a couple of reasons for this share price decline. One is weakness in the banking sector and the other is the bank’s shares trading ex-dividend today for its final dividend of FY 2022. Eligible shareholders can look forward to receiving this fully franked 74 cents per share dividend next month on 15 December.

Coronado Global Resources Inc (ASX: CRN)

The Coronado Global share price is down almost 6% to $2.14. This morning this coal miner announced that merger talks with $6 billion Wall Street-listed coal miner Peabody have been discontinued. No reason was given for the collapse in talks. However, Coronado revealed that it continues to pursue and implement its existing capital management plans and remains focused on its existing capital investments and long-term development strategy.

Eclipx Group Ltd (ASX: ECX)

The Eclipx share price is down over 6% to $1.76. This follows news that the fleet management company’s CEO, Julian Russell, will be stepping down from the role in February. Eclipx has acted quickly and named its CFO, Damien Berrell, as Russell’s replacement.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is down over 4% to $23.14. Investors have been selling this banking giant’s shares following the release of its full year results. Although Westpac delivered earnings ahead of expectations, its exit margin and cost reduction target revision appear to have disappointed investors. In respect to the latter, Westpac is now targeting an FY 2024 cost base of $8.6 billion, up from its previous target of $8 billion.

The post Why ANZ, Coronado Global, Eclipx, and Westpac shares are dropping appeared first on The Motley Fool Australia.

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More reading

• No deal: Why ASX 200 coal share Coronado is sinking today
• Why is the Westpac share price dropping 4% today?
• Everything you need to know about the latest Westpac dividend
• Why is the ANZ share price sinking 4% today?
• Westpac share price on watch following FY22 results

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 Westpac Banking Corporation. 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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