The S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. In afternoon trade, the benchmark index is up 0.35% to 7,487.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Ampol Ltd (ASX: ALD)
The Ampol share price is down 4.5% to $26.25. This follows the release of the fuel retailer's half year results. Although Ampol achieved strong first half profit growth, management's outlook may have spooked investors. It warned that lockdowns were impacting fuel and convenience sales in July and August. Also failing to support the Ampol share price was news that it has made a non-binding indicative proposal to acquire Z Energy Ltd (ASX: ZEL) for NZ$3.78 cash per share. This values Z Energy's equity at NZ$2 billion.
NIB Holdings Limited (ASX: NHF)
The NIB share price has fallen 10% to $7.19. This follows the release of full year results that fell short of the market's expectations. In FY 2021, NIB reported a 2.9% increase in revenue to $2.6 billion and an 84.5% lift in net profit after tax to $160.5 million. A note out of Goldman Sachs reveals that it was expecting the private health insurer to report a 92.2% increase in net profit after tax to $171.4 million.
Redbubble Ltd (ASX: RBL)
The Redbubble share price has tumbled 8.5% to $3.85. This is despite there being no news out of the ecommerce company today. However, with its shares rocketing higher last week, this decline could have been driven by profit taking. After all, the Redbubble share price is still up 22% over the last five days after today's decline.
Sonic Healthcare Limited (ASX: SHL)
The Sonic share price is down 3% to $41.64 after its full year results fell short of the market's lofty expectations. For the 12 months ended 30 June, Sonic Healthcare reported a 28% increase in revenue to $8.8 billion and a 149% lift in net profit to $1.3 billion. However, as strong as this result was, it was lower than Goldman Sachs' estimates for revenue of $9,352 million and net profit of $1,327 million.
