The S&P/ASX 200 Index (ASX: XJO) has returned from the long weekend in fine form. In afternoon trade, the benchmark index is up 1% to 7,496.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Afterpay Ltd (ASX: APT)
The Afterpay share price is down over 2% to $84.66. Investors have been selling the buy now pay later provider's shares in response to yet another pullback in the Block (Square) share price overnight. Afterpay shareholders recently voted in favour of Block's all-scrip takeover proposal.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price is down 1.5% to $21.98. This decline appears to have been driven by concerns that the rising cases of the Omicron variant of COVID-19 could derail the travel market recovery. The UK and France recently reported record daily infections of 130,000 and 180,000, respectively.
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price is down 2% to $14.61. This may have been driven by confirmation that its founder and Chair, David Dicker, has transferred 48 million shares into a personal associated entity, Rodin Ventures, of which he is a director. The company advised that the transaction is an internal transfer by Mr Dicker to an associated entity for commercial, estate and charitable purposes. No shares have been sold at this point.
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price is down 4.5% to $3.25. This is despite there being no news out of the dairy processor. This latest decline means Synlait's shares are now down 35% in 2021. The team at Bell Potter appear to see this as a buying opportunity. The broker recently named the company as one of its top picks for 2022.
