Why Boral, Eagers Automotive, PolyNovo, and Serko shares are dropping

These ASX shares are under pressure on Wednesday…

| More on:
Red arrow going down on a chart, symbolising a falling share price.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is storming higher. In afternoon trade, the benchmark index is up 0.8% to 7,168.5 points.

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

Boral Limited (ASX: BLD)

The Boral share price is down 3% to $3.11. Investors have been selling this building products company’s shares after it revealed that its earnings have taken a hit from recent inclement weather and higher energy prices. This means that Boral will fall short of its underlying earnings before interest and tax (EBIT) guidance of $145 million and $155 million.

Eagers Automotive Ltd (ASX: APE)

The Eagers Automotive share price is down 3% to $11.50. This morning the automotive retailer released a market update. While that update revealed that demand is very strong, the lack of supply of vehicles is impacting its performance. As a result, its half-year profits are expected to be down ~13% compared to the prior corresponding period.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is down 5% to $1.23. This share price weakness may be due to ASIC data showing that short sellers have continued to increase their holdings despite some rampant insider buying from the company’s Chairman, David Williams. PolyNovo’s short interest now stands at 10.87%.

Serko Ltd (ASX: SKO)

The Serko share price is down 5% to $4.07. This morning this travel technology company released its full year results for FY 2022. Serko revealed a 17% increase in segment revenue to NZ$19.8 million, which was within its guidance range of NZ$18.5 million to NZ$20.5 million. However, its net losses grew even quicker at 22% to NZ$36 million.

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. has positions in and has recommended POLYNOVO FPO and Serko Ltd. The Motley Fool Australia has recommended Serko Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

Red arrow going down and symbolising a falling share price.
Share Fallers

Why the Paladin share price fell 25% in June

Uranium shares softened in June.

Read more »

An engineer takes a break on a staircase and looks out over a huge open pit coal mine as the sun rises in the background
Resources Shares

Why did the Rio Tinto share price plunge 11% in June?

Let's analyse the month just gone by.

Read more »

Red arrow going down with share prices in red symbolising a falling share price
Share Fallers

Why Argosy Minerals, BHP, Ingenia, and Woodside shares are dropping today

These ASX shares are ending the week in the red...

Read more »

a person holds their head in their hands as they slump forward over a laptop computer which features a thick red downward arrow zigzagging downwards across the screen.
Share Fallers

The Lake Resources share price plummeted 49% in June. Here’s why

It was a month to forget for the ASX lithium share. Here are the details.

Read more »

a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.
Share Fallers

What’s clamping down on the Piedmont Lithium share price?

Investors are continuing to punish the lithium developer.

Read more »

Woman has a confused expression as she looks at phone.
Share Fallers

Why did the Soul Pattinson share price go backwards in June?

June was a tough month for the investment conglomerate. What happened?

Read more »

ASX shares COVID the words crash with a declining arrow on top
Share Fallers

These were the worst performing ASX 200 shares in June

It was a bad month for the ASX 200 but an even worse month for these shares...

Read more »

Man with his head on his head with a red declining arrow and A worried man holds his head and look at his computer as the Megaport share price crashes today
Industrials Shares

Why is the Electro Optic Systems share price hitting a new 52-week low?

Selling pressure has rolled over into today's session after Wednesday's collapse

Read more »