In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. At the time of writing, the benchmark index is up 0.95% to 7,114.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
City Chic Collective Ltd (ASX: CCX)
The City Chic share price is down a further 11% to $1.75. Investors have continued to sell this plus sized fashion retailer's shares following the release of a disappointing full year result yesterday. In other news, just a couple of weeks after downgrading its shares to neutral, Citi has now cut its price target by a further 15% to $2.09.
Macquarie Telecom Group Ltd (ASX: MAQ)
The Macquarie Telecom share price is down 11% to $64.27. After the market close on Thursday, this telecom and data centre company released its full year results and reported a net profit of just $8.5 million. This was down 32% year over year. Management advised that this reflects the increase in depreciation and amortisation flowing from the significantly higher levels of capital expenditure since FY 2020.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is down 10% to $1.82. This morning the medical device company released its full year results. Although it reported a 42.8% increase in total revenue to $41.9 million, this couldn't stop it from recording a loss after tax of $1.2 million. PolyNovo has 6.7% of its shares held short. Those short sellers will no doubt be pleased with this decline.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price is down 10% to $6.15. Investors have been selling this salary packaging company's shares after the release of its half year results. Smartgroup reported a 4% increase in revenue to $113.6 million but a 4% decline in NPATA to $32.4 million. Investors appear to have been expecting a stronger result.
