Why Cleanaway, IRESS, Omni Bridgeway, & Polynovo shares are dropping

These ASX shares are ending the week in the red…

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share price dropping

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.4% to 7,399.4 points.

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

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price is down just over 1% to $2.70. Today’s decline is attributable to the waste management company’s shares going ex-dividend this morning for its final dividend of 2.4 cents per share. This dividend will be paid to eligible shareholders on 5 October.

IRESS Ltd (ASX: IRE)

The IRESS share price has fallen 2.5% to $13.65. This morning the financial technology company provided an update on the EQT takeover approach. According to the release, due diligence is taking longer than expected. As a result, the company has agreed to grant an additional 10 days of exclusivity to EQT to complete its diligence and for an agreement to be finalised.

Omni Bridgeway Ltd (ASX: OBL)

The Omni Bridgeway share price is down a further 5% to $3.78. Investors have been selling the litigation funder’s shares this week following an update on the Brisbane Flood class action. Unfortunately for Omni Bridgeway, the Supreme Court of New South Wales Court of Appeal has found the remaining defendant, Seqwater, not liable.

Polynovo Ltd (ASX: PNV)

The Polynovo share price has dropped 5% to $1.92. This medical device company’s shares have come under pressure today after it announced the resignation of its Chief Operating Officer, Dr. Anthony Kaye. The COO is returning to biotherapeutics giant CSL Limited (ASX: CSL) in a more senior position.

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