The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday. In afternoon trade, the benchmark index is up 1.05% to 7,035 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is down 2.5% to $6.30. This has been driven by the toll road operatorâs shares going ex-dividend on Tuesday for its final dividend. Eligible shareholders can look forward to receiving the companyâs 20 cents per share unfranked dividend next month on 6 April.
Kingsgate Consolidated Limited (ASX: KCN)
The Kingsgate share price is down 25% to $1.50. This follows the completion of the Thailand-based gold minerâs institutional placement this morning. Kingsgate has raised $46 million at an issue price of $1.50 per new share. The proceeds will be used primarily to fund plant 2 commissioning and working capital costs.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 4% to $3.69. This is despite there being no news out of the struggling online retailer. Though, it is worth noting that Premier Investments Limited (ASX: PMV) released its results yesterday and revealed a decline in online sales. Investors may believe this doesnât bode well for Koganâs performance, particularly given the unrelenting competition from Amazon.
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price is down a further 8% to $2.01. Investors have been selling this dairy processorâs shares since the release of its half-year results yesterday. Synlait had a tough half and reported an 83% decline in net profit after tax to NZ$4.8 million. This reflects operational stability and cost challenges, which have impacted its performance.
The post Why Atlas Arteria, Kingsgate, Kogan, and Synlait Milk shares are dropping today appeared first on The Motley Fool Australia.
Our pullback stock hit list…
Motley Fool Share Advisor has released a hit list of stocks that investors should be paying close attention to right now…
As the market continues to sell off, we think some stocks have become extreme buying opportunities.
In five years’ time, we think you’ll probably wish you’d bought these 4 ‘pullback’ stocks…
See The 4 Stocks
*Returns as of March 1 2023
(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(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Why Lake Resources, Latitude, Synlait, and Woodside shares are falling today
- Guess which ASX All Ords stock is plummeting following an 80% profit dive
- Why Core Lithium, Estia Health, Kingsgate, and St Barbara shares are charging higher
- Why Adairs, Liontown, Qantas, and Synlait shares are dropping today
- 2 ASX All Ordinaries shares rocketing over 10% today
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 Kogan.com. The Motley Fool Australia has positions in and has recommended Kogan.com. The Motley Fool Australia has recommended Premier Investments. 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/QeLi6SB
Leave a Reply