In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to make it two days in a row of solid gains. At the time of writing, the benchmark index is up 0.4% to 6,770.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower today:
Frontier Digital Ventures Ltd (ASX: FDV)
The Frontier Digital Ventures share price has sunk over 14% lower to $1.49. This decline has been driven by news that its largest shareholder is selling down its holding. According to the release, Catcha Group has sold ~45.9 million shares via an off-market block trade. This transaction reduces its shareholding from 26.5% to 13.1%. The transaction, undertaken at $1.50 per share, received strong support from institutional investors, with the introduction of multiple new domestic and international institutional shareholders.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price is down 2.5% to $52.37. This appears to have been driven by profit taking following some strong gains this week. Investors were buying the retailer's shares earlier this week after it revealed very strong sales and profit growth for the first half of FY 2021.
Regis Healthcare Ltd (ASX: REG)
The Regis Healthcare share price is down over 8% to $1.70. The catalyst for this was news that Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) has given up on its attempt to take over the aged care provider. The investment house withdrew its takeover approach after having bids of $1.65 per share and $1.85 per share rejected by the Regis board. They believe the offers materially undervalue the company.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price has fallen 7% to $2.69. This decline may be attributable to a broker note out of Macquarie this morning. According to the note, the broker has downgraded the payments company's shares to an underperform rating and slashed the price target on them to $2.55. Macquarie is concerned that the recent terminal outage has done significant damage to Tyro's reputation.
