The S&P / ASX 200 (ASX: XJO) is up 0.4% this afternoon on the back of a strong overnight session on Wall St, with the information technology and healthcare sectors doing especially well. However, some ASX shares are tumbling in the wrong direction this morning for a variety of reasons, so let's take a look at what reasons may be sending them lower.
The National Australia Bank Ltd (ASX: NAB) share price is down 95 cents to 3.7% to $24.92, but there's no need for shareholders to panic as the stock has gone without the rights to its 99 cents per share final dividend payment today. Shares will commonly lose the nominal value of their dividend payments or even more when they go "ex-dividend". Some traders even try to 'strip dividends' by buying a stock just before it goes ex-dividend before attempting to sell quickly afterwards at a profit when including the dividend payment. This is a high-risk strategy though and not recommended.
The APA Group (ASX: APA) share price is down nearly 8.5% to $8.72 today after the government's treasurer Josh Frydenberg informed Hong Kong and Chinese backed CK Asset Holdings that it's takeover bid for the gas transporter would be blocked on the grounds of Australia's "national interest'. The treasurer came to this conclusion on advice from the Foreign Investor Review Board. The news is said to have shocked both CPI and APA Group, with the shares also in a spin.
The Domino's Pizza Group Ltd (ASX: DMP) share price has plunged 10.4% to $49.90 as the market digests yesterday's trading updated that showed group same-store sales had grown 2.91% for the first 17 weeks of FY 2019. Same store sales in Japan grew 5%, although it has been cycling off comparatively weak comps. The stock closed marginally higher on the back of the news yesterday, with today's big falls potentially being triggered by analysts downgrading the stock after crunching the numbers.
The James Hardie Industries plc (ASX: JHX) share price is now down 14% after the US focused building products supplier missed analysts' expectations with its half year profit of US$160.1 million on revenue of US$1,295.6 million. It also warned analysts that their expectations for full year profit were around 10% too high. It is this shock news that has sent investors to the exits.
