In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 1.1% to 7,009.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 3% to $14.83. Investors have been selling Flight Centre and other travel booking shares following an update by Qantas Airways Limited (ASX: QAN). The airline operator revealed that it would be cutting travel agent commissions for international flights from 5% to 1% from 2022 as part of its plan to reduce its cost of sales.
Iluka Resources Limited (ASX: ILU)
The Iluka share price has fallen 5.5% to $7.71 following the release of an update on its Sierre Rutile operation. According to the release, the operation has been struggling with business challenges recently. In light of this, it will be pausing production later this year for six months. During the break, management will evaluate whether it can continue its operations in its current mining area. It also withdrew its production guidance of 145,000 tonnes of rutile over 2021.
Nuix Ltd (ASX: NXL)
The Nuix share price has sunk 8% to $3.37. This decline appears to have been driven by reports of a major legal case that could include damages of more than $200 million. According to the SMH, former CEO Eddie Sheehy triggered the lawsuit after Nuix slashed the value of options issued to him. That decision cost Sheehy $118 million in Nuix's December IPO.
Oil Search Ltd (ASX: OSH)
The Oil Search share price is down 2% to $3.72. Investors may be selling Oil Search's shares today following a pullback in oil prices overnight. Both Brent and WTI crude oil prices fell 3% amid concerns over rising COVID-19 cases in Asia.
