The S&P/ASX 200 Index (ASX: XJO) is on track to record a strong gain thanks largely to the resources sector. In afternoon trade, the benchmark index is up 1.25% to 7,369.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 1.5% to $5.36. This appears to have been driven by news that smaller rival Bubs Australia Ltd (ASX: BUB) is launching an A2 protein based infant formula product, Bubs Supreme. The release notes that the Bubs Supreme formula range will be competing head to head with A2 Milk in 500 Coles Group Ltd (ASX: COL) supermarkets from May.
Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is down over 5% to $6.60. The majority of this decline is attributable to the toll road operator's shares trading ex-dividend for its 20.5 cents per share final dividend this morning. Eligible shareholders can look forward to receiving this dividend at the end of the month on 31 March.
Block Inc (ASX: SQ2)
The Block share price is down 5% to $174.81. This follows a similarly sharp decline by its NYSE listed shares during overnight trade on Wall Street. The majority of US tech shares came under pressure last night after the US Federal Reserve's Chair, Jerome Powell, said that inflation is too high and steps will be taken to control it. This could see rates rise in more aggressive 50-basis point instalments.
Boral Limited (ASX: BLD)
The Boral share price is down 2.5% to $3.37. Investors have been selling this building products company's shares after it warned that heavy rain and rising fuel prices would impact its profits by ~$23 million. Boral expects underlying earnings before interest and tax (EBIT) from continuing operations (excluding Property) in FY 2022 to be between $145 million and $155 million.
