In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is storming higher. At the time of writing, the benchmark index is up 0.7% to 6,656.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Ardent Leisure Group Ltd (ASX: ALG)
The Ardent Leisure share price is down a massive 64% to 51 cents. Today’s decline is due to the entertainment company’s shares trading ex-capital return this morning. Eligible shareholders can now look forward to receiving a total capital return of 95 cents per share next week. This comprises a return of capital of 46.0699 cents per share and an unfranked dividend of 48.9301 cents per share. This follows the sale of its Main Event business to Dave and Busters.
Betmakers Technology Group Ltd (ASX: BET)
The Betmakers share price is down 6% to 38.5 cents. This is despite there being no news out of the betting technology company on Tuesday. However, it is worth noting that the company’s shares have been strong performers recently. In fact, they are still up 10% since this time last week despite today’s decline. This could mean some traders are taking a bit of profit off the table today.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price is down 1.5% to $10.85. This morning analysts at Morgan Stanley retained their underweight rating and $10.25 price target on this insurance giant’s shares. Its analysts believe Suncorp’s FY 2023 catastrophe budget is too low and the company could get caught short. Particularly given that the Bureau of Meteorology is predicting around a 50% chance of La Nina forming in late 2022.
Ten Sixty Four Ltd (ASX: X64)
The Ten Sixty Four share price is down 3% to 63 cents. This follows news that the gold miner, previously known as Medusa Mining, has kicked out its outgoing managing director Paul Welker. Mr Welker resigned last week and was serving a six-month notice period. However, the company has kicked Mr Welker out immediately after finding out that he had a financial interest in another company that entered into an important commercial contract with Ten Sixty Four.