In late trade, the S&P/ASX 200 Index (ASX: XJO) has fought hard to get its head above water. At the time of writing, the benchmark index is up a fraction to 7,052.7 points.
Four ASX shares that are weighing on proceedings are listed below. Here's why they are dropping:
GrainCorp Ltd (ASX: GNC)
The GrainCorp share price is down 2.5% to $10.29. This is despite the grain exporter releasing its half-year results and reporting record-breaking profits. GrainCorp reported a 49.9% increase in revenue to $3,842.1 million and a 200% jump in EBITDA to $427 million. However, it appears as though some investors were betting on the company upgrading its full-year guidance for a third time in as many months. Whereas management has only reaffirmed its most recent guidance.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down almost 15% to $4.24. This appears to have been driven by concerns that the takeover of the administration services company by Dye & Durham could collapse. The scheme booklet reveals that Dye & Durham is taking out a loan that is more than three times its own market capitalisation to fund the deal.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 4.5% to $30.33. A portion of this decline can be attributed to the banking giant's shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving NAB's fully franked 73 cents per share interim dividend in their bank accounts on 5 July.
Pendal Group Ltd (ASX: PDL)
The Pendal share price is down over 3% to $5.16. This morning a number of brokers responded to the fund manager's half-year results. Two of those brokers, Credit Suisse and Morgan Stanley, downgraded the company's shares to neutral ratings from the equivalent of buys. Both brokers were impressed with Pendal's half-year result but feel the next 12 months could be tough.
