In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.5% to 7,310.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Adbri Ltd (ASX: ABC)
The Adbri share price is down 1% to $3.31. This decline is entirely attributable to the building products company's shares going ex-dividend today for its final dividend. In fact, if you took its 5.5 cents per share dividend out of the equation, the Adbri share price would be trading higher today. Eligible shareholders can now look forward to receiving this dividend on 6 October.
Ausnet Services Ltd (ASX: AST)
The AusNet share price is down 3% to $2.51. Investors have been selling the electricity distributor's shares today due to uncertainty over the takeover battle between Brookfield and APA Group (ASX: APA). Although APA has offered a higher price, there is speculation that Brookfield's lower bid of $2.50 per share may ultimately win the race.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price has fallen 3% to $4.88. Investors have been selling IAG and other insurance shares following the earthquake in Victoria earlier today. While the extent of the damage is unclear, investors aren't taking any chances it seems.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down 4% to $26.85. This morning analysts at Credit Suisse retained their neutral rating but cut their price target on the specialist retailer's shares to $26.28. The broker believes there is downside risk to the company's guidance due to lockdowns. Particularly given how fashion retailers could effectively miss out on the entire Spring season.
