Why Adairs, Fortescue, PointsBet, and Qantas shares are dropping

These ASX shares are having a poor end to the week…

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A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash

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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:

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.

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

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