The S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a solid gain. In late afternoon trade, the benchmark index is up 0.7% to 7,017.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Aussie Broadband Ltd (ASX: ABB)
The Aussie Broadband share price is down over 1% to $4.17. This follows the release of the telco's first half trading update this morning. According to the release, Aussie Broadband delivered first half gross revenue growth of 49% to $237.3 million. However, due to heightened promotions and higher usage costs during lockdowns, first half EBITDA (before transaction costs) is only up 7% to $9.1 million.
BHP Group Ltd (ASX: BHP)
The BHP share price is down 3% to $44.90. This follows broad weakness in the resources sector and a pullback in the Big Australian's US listed shares overnight. In other news, BHP's unification scheme of arrangement became effective yesterday.
Brambles Limited (ASX: BXB)
The Brambles share price is down 2% to $9.47. This appears to have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has downgraded this logistics solutions company's shares to an underweight rating and cut the price target on them to $9.30. Morgan Stanley made the move on concerns over the impact of current supply chain challenges on its performance.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price is down 2% to $6.33. Once again, this appears to be due to broad weakness in the resources sector. In addition, profit taking could be weighing on this iron ore miner's shares. After all, Champion Iron's shares were the best performers on the ASX 200 in January with an 18.6% gain.
