The S&P/ASX 200 Index (ASX: XJO) is heading in the right direction at last on Tuesday. In afternoon trade, the benchmark index is up 0.3% to 6,488.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 5% to $1.20. This is despite a number of lithium shares charging higher and Core Lithium releasing a business update. The latter revealed that preparations are underway for the company's first shipment of direct ship ore spodumene from the Finniss Lithium project before the end of 2022.
Ramsay Health Care Limited (ASX: RHC)
The Ramsay share price has continued its slide and is down a further 3% to $57.42. Investors have been selling this private hospital operator's shares this week after it revealed that takeover talks with the KKR consortium have now terminated.
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price is down 7% to $2.95. This follows the release of the dairy processor's fully year results this morning. That's despite Synlait Milk reporting a 21% increase in revenue to NZ$1.66 billion and a 213% jump in adjusted EBITDA to NZ$117.2 million. Management's commentary for FY 2023 may have spooked investors. It warned that the SAMR registration timeline, a tight labour market, high inflation, and supply chain pressures could materially impact the company's current guidance.
Virgin Money UK (ASX: VUK)
The Virgin Money share price is down 4% to $2.22. Investors have been selling this UK based bank's shares this week amid concerns over the state of the British economy. This follows an extremely poor reaction to the government's new tax cuts that saw the British pound drop to a record low against the US dollar.
