Why Austal, Cettire, Fisher & Paykel Healthcare, and Resimac shares are sinking

These ASX shares are sinking on Wednesday…

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The S&P/ASX 200 Index (ASX: XJO) is pushing higher in afternoon trade and is on course to record its second consecutive day of gains. At the time of writing, the benchmark index is up 0.5% to 7,377.8 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:

Austal Limited (ASX: ASB)

The Austal share price is down over 8% to $1.83. Investors have been selling the shipbuilder's shares after the Philippines Navy decided to sole-source foreign-built Offshore Patrol Vessels rather than proceed to purchase Austal-built vessels facilitated through a Government Memorandum of Understanding with the Commonwealth of Australia. Austal will now focus on securing orders for commercial ferries for its Philippines shipyard.

Cettire Ltd (ASX: CTT)

The Cettire share price is down 14% to $1.33. This has been driven by news that its founder and CEO, Dean Mintz, sold a large number of shares. According to the release, the luxury online retailer's CEO has sold 35 million shares in the company at a discount of $1.35 per share via a block trade. This represents 9.18% of the company's issued capital.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is down 7% to $23.95. This follows the release of a trading update out of the medical device company. Fisher & Paykel Healthcare advised that it expects FY 2022 operating revenue in the range of NZ$1.675 billion to NZ$1.70 billion. This represents a 13.7% to 15% year on year decline from NZ$1.97 billion in FY 2021. It also warned that higher freight costs would impact margins.

Resimac Group Ltd (ASX: RMC)

The Resimac share price is down over 3% to $1.60. Investors have been selling the residential mortgage lender's shares after it announced the settlement of Premier Series 2022-1 prime $1 billion residential mortgage backed securities (RMBS) transaction.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Austal Limited and Cettire Limited. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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