In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.3% to 6,848.8 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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Adairs Ltd (ASX: ADH)
The Adairs share price is down almost 6% to $2.10. Today's decline has been driven largely by the homewares retailer's shares trading ex-dividend this morning for its final dividend of FY 2022. Eligible shareholders can look forward to receiving its 10 cents per share fully franked dividend later this month on 22 September.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 5% to $16.38. As with Adairs, this has been driven by the iron ore giant's shares going ex-dividend this morning. In fact, if you took the dividend out of the equation, Fortescue's shares would actually be pushing higher today. The miner's eligible shareholders can now look forward to being paid this $1.01 per share fully franked dividend on 29 September.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down 4% to $2.23. Investors have been selling this sports betting company's shares today after it was dealt another blow. On Friday, PointsBet was named as one of a handful of companies that have been dumped out of the ASX 200 index at the next quarterly rebalance.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 4% to $5.06. This follows broad weakness in the travel sector on Monday. Investors may be concerned that rising living costs and interest rates are going to put a dampener on the travel market recovery. The RBA is widely expected to hike rates again tomorrow.
