In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record the smallest of gains. At the time of writing, the benchmark index is up slightly at 7,511.5 points.
Four ASX shares that weighing on the market today are listed below. Here’s why they are tumbling lower:
Bapcor Ltd (ASX: BAP)
The Bapcor share price has fallen 5% to $7.69 following the release of its full year results. Bapcor was on form in FY 2021, delivering a 20.4% increase in revenue to $1,761.7 million and a 46.5% jump in pro forma net profit after tax to $130.1 million. Overshadowing this was the tough start it has made to FY 2022 and management’s aim of at least achieving flat earnings year on year.
BHP Group Ltd (ASX: BHP)
The BHP share price has tumbled 7% to $47.75. This follows the release of the mining giant’s full year results after the market close yesterday. Although BHP delivered earnings in line with expectations and a dividend ahead of estimates, this wasn’t enough to stop its shares from falling. Investors appear disappointed with its plan to merge its oil and gas operations with Woodside Petroleum Limited (ASX: WPL). Morgans commented: “The downside of divesting petroleum is the loss of high-margin oil & gas earnings and growth projects that represent 2/3 of BHP’s total growth profile.”
CSL Limited (ASX: CSL)
The CSL share price is down 2% to $291.66. Investors have been selling the biotherapeutics company’s shares following the release of its full year results. For the 12 months ended 30 June, CSL reported a 9.6% increase in constant currency revenue to US$10,026 million and a 10% lift in profit after tax to US$2,307 million. While this was ahead of its FY 2021 guidance of 3% to 8% growth, management’s guidance for the year ahead has overshadowed this. It expects its earnings to decline next year.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is down 5.5% to $14.11. This follows the release of the investment platform provider’s full year results this morning. Although Netwealth reported a 23.9% increase in net profit after tax to $54.1 million, this was a touch short of expectations. Also weighing on its shares was management’s plan to step up its investment in people and tech in FY 2022. This will result in higher expenses next year.