In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to extend its winning run. At the time of writing, the benchmark index is up 0.25% to 7,287.2 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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AnteoTech Ltd (ASX: ADO)
The AnteoTech share price is down 8.5% to 21.5 cents. This follows news that the Therapeutic Goods Administration wants more clinical data before it approves its EuGeni Reader and SARS CoV-2 Ag Rapid Diagnostic Test. AnteoTech intends to collect further clinical data based on samples collected directly from patients and immediately analysed on the EuGeni Reader before making another submission.
ASX Ltd (ASX: ASX)
The ASX share price is down 5% to $82.47. This follows the surprise announcement that its CEO, Dominic Stevens, will retire later this year. The market appears concerned at the timing of the exit given the major clearing and settlement system replacement project it is undertaking. This project, which is behind schedule and over budget, is expected to complete in 2023.
CIMIC Group Ltd (ASX: CIM)
The CIMIC share price is down 7% to $15.90 following the release of its full year results. For the 12 months, the engineering company reported a 35.2% decline in net profit after tax to $402.1 million. This was well short of the market consensus estimate of $422.7 million.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has tumbled 5% to $8.37. Investors have been selling this online furniture retailer's shares amid a lukewarm response to its half year results from brokers. For example, the team at Macquarie has retained its neutral rating and cut its price target by 20% to $9.70. While pleased with its result, it has cut its earnings forecasts to reflect higher cost estimates.
