The S&P/ASX 200 Index (ASX: XJO) has returned to form on Tuesday. In afternoon trade, the benchmark index is up 0.3% to 7,268.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
APA Group (ASX: APA)
The APA share price is down 5.5% to $8.37. This morning the company revealed that it has made a takeover approach for electricity distributor AusNet Services Ltd (ASX: AST). APA's non-binding indicative proposal is $2.60 per share in cash and scrip. This compares to the $2.50 per share offer made by Brookfield Asset Management on Monday. However, APA will have to wait its turn. AusNet has granted Brookfield eight weeks of exclusive due diligence.
Kathmandu Holdings Ltd (ASX: KMD)
The Kathmandu share price is down 2% to $1.40. This follows the release of the adventure retailer's full year results this morning. Kathmandu reported a 15.1% increase in sales to NZ$922.8 million and a 110.2% lift in underlying net profit after tax to NZ$66.3 million. However, taking the shine off the result was its outlook. Management warned that in FY 2022 it was battling lockdowns, weak trading in airport locations and emerging markets, and faced supply chain headwinds.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price is down a further 4% to 95.5 cents. Investors have been selling this nickel producer's shares this week due to reports of potential tax changes in Indonesia. Nickel Mines notes that on Friday, the Indonesian Investment Minister was reported as suggesting that Indonesia is exploring the possibility of levying an export tax on nickel products with less than 70% nickel content.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is down 2% to 61.5 cents. This follows the release of the pharmacy chain operator and distributor's half year results this morning. Although Sigma delivered solid top and bottom line growth, it downgraded its full year guidance. Management is expecting EBITDA growth of just 5% in FY 2022. This compares to its target for an average of ~10% per annum in FY 2022 and FY 2023.
