The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday. In afternoon trade, the benchmark index is up a sizeable 0.45% to 7,064.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price has fallen 3.5% to $45.81. This follows the release of a third quarter sales update and news that its CEO is leaving. Richard Murray is leaving the retail giant to take up the same position at the Premier Retail business owned by Premier Investments Limited (ASX: PMV). Mr Murray has been JB Hi-Fi's CEO since 2014.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price has tumbled 6% to $4.96. This morning the administration services company announced that a consortium comprising Pacific Equity Partners, Carlyle Group and their affiliates have withdrawn their takeover proposal. Link also advised that it has received indications of interest for its stake in the PEXA business. Binding offers are expected to be made in June.
Ramelius Resources Limited (ASX: RMS)
The Ramelius share price has sunk 9% to $1.63. Investors have been selling this gold miner's shares due to weakness in the gold industry and following the release of its quarterly update. While Ramelius' performance was strong, its guidance for FY 2021 disappointed. Management has revised its cost guidance from A$1,230 – A$1,330 per ounce to A$1,280 – A$1,330 per ounce.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 8.5% to $1.86. As with Ramelius, weakness in the industry and a quarterly update are to blame for this decline. In respect to the latter, St Barbara reported gold production of 82,303 ounces and an all-in sustaining cost of A$1,649 per ounce. This compares to 89,670 ounces and A$1,517 per ounce during the second quarter.
