In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to staying in positive territory. At the time of writing, the benchmark index is up 0.1% to 6,800.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Accent Group Ltd (ASX: AX1)
The Accent share price is down 9% to $1.38. Investors have been selling this footwear retailer's shares following the release of a trading update. Accent advised that it expects to report earnings before interest and tax (EBIT) in the range of $61 million to $63 million in FY 2022. This will be down by approximately 50% from the $124.9 million it reported in FY 2021.
Humm Group Ltd (ASX: HUM)
The Humm share price is down 5% to 48 cents. Investors have been selling Humm's shares after it confirmed that Sumitomo Mitsui Banking Corporation has lodged a statement of claim in relation to a potential exposure to Forum Finance. Sumitomo Mitsui Banking Corporation is reportedly chasing Humm for ~$34 million. It alleges that the company was negligent in selling it items linked to the Forum Group and misled the bank.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 2% to $4.18. This follows the release of the insurance giant's preliminary full-year results. IAG revealed that its insurance profit margin came in at 7.4% in FY 2022. This is down 6.1 percentage points year on year and short of its 10% to 12% guidance. Management blamed this largely on its net natural peril costs of $1,119 million, which were $354 million above the original allowance of $765 million.
Webjet Limited (ASX: WEB)
The Webjet share price is down 5% to $5.09. Investors have been selling Webjet and other ASX travel shares following a poor night for the sector on Wall Street. This was driven by disappointing quarterly updates from two major US airlines.
