The S&P/ASX 200 Index (ASX: XJO) has started the week strongly and is racing higher. In afternoon trade, the benchmark index is up 0.9% to 6,868.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
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Advance NanoTek Ltd (ASX: ANO)
The Advance NanoTek share price is down 4% to $3.72. This is despite there being no news out of the advanced materials company. However, the company has been struggling recently due to a collapse in demand for its products from sunscreen manufacturers. As a result, it is expecting to report a $90,000 first half profit. This compares to $4.8 million in the prior corresponding period.
Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot share price is down 2.5% to $2.57. Investors have been selling the chemicals company's shares following the release of a trading update. That update revealed that its Dyno Nobel Americas Explosives segment is experiencing unplanned downtime due to equipment failure. The total earnings impact of the outage is expected to be US$11 million and will be included in the first half results.
Starpharma Holdings Limited (ASX: SPL)
The Starpharma share price has fallen 3% to $2.29. This decline appears to have been driven by profit taking from some investors. Last week the dendrimer products developer's shares hit a record high following a positive announcement. This meant that prior to today, the Starpharma share price was up 53% since the start of the year.
Zoono Group Ltd (ASX: ZNO)
The Zoono share price is down over 7% to 82 cents. This latest decline means the biotech company's shares have now lost two-thirds of their value over the last six months. Investors have been selling Zoono shares after sales of its sanitiser products weakened considerably. Zoono recently reported second quarter cash receipts of $5.5 million. This was down from $15 million in the first quarter.
