Why AMA, Bellevue Gold, Bendigo Bank, & BlueBet shares are falling

These ASX shares are ending the week in the red…

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A man stands in front of a chart with an arrow going down and slaps his forehead in frustration.

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In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week with a decent gain. At the time of writing, the benchmark index is up 0.5% to 7,522.4 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

AMA Group Ltd (ASX: AMA)

The AMA share price is down almost 7% to 41.5 cents. This morning the crash repair company hit back at media reports suggesting it may need to raise funds to improve its precarious capital position. Management reiterated that its banking syndicate remain supportive of the company and that it is confident its capital structure review will yield a positive outcome.

Bellevue Gold Ltd (ASX: BGL)

The Bellevue Gold share price has fallen 8.5% to 85.5 cents. This morning the gold explorer announced that it has received firm commitments to raise $106 million via an institutional placement at 85 cents per share. This represents a 9.9% discount to its last close price. Combined with its $200 million debt facility, Bellevue Gold is now fully funded to production.

Bendigo and Adelaide Bank Ltd (ASX: BEN)

The Bendigo and Adelaide Bank share price is down 1.5% to $9.94. Today’s decline has been driven by the regional bank’s shares going ex-dividend this morning for its final dividend. Eligible shareholders can now look forward to receiving the fully franked 26.5 cents per share final dividend on 30 September.

BlueBet Holdings Ltd (ASX: BBT)

The BlueBet share price is down 5.5% to $2.43. This is despite there being no news out of the sports betting company on Friday. However, with its shares up 30% in the space of a month prior to today, this decline could have been driven by profit taking from some investors.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BlueBet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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