It has been a fantastic day for the S&P/ASX 200 Index (ASX: XJO) on Thursday. In afternoon trade, the benchmark index is up 1.95% to 6,588.8 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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Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down 2% to 51 cents. Investors appear to have concerns with the infant formula company's plans in China. Although it has gained access to the market through a joint venture, its formula for that market will no longer be manufactured in Australia. This will make it just one of the countless other China-made infant formulas and could dilute its Aussie Bubs branding.
Iress Ltd (ASX: IRE)
The Iress share price has crashed almost 17% to $8.77. This follows the release of a trading update at its annual general meeting. According to its release, Iress is experiencing some timing delays in the conversion of new sales opportunities due to challenging market conditions. As a result, FY 2022 net profit after tax is now expected to be between $54 million and $58 million, down from its prior guidance of $63 million to $72 million.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down 2% to $2.94. This has been driven by the administration services company's shares trading ex-dividend this morning for its special dividend. Link shareholders can now look forward to receiving their 8 cents per share special dividend on 14 October.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is down 3% to $1.41. This is despite there being no news out of the medical device company today. However, it is worth noting that the Polynovo share price has been a very positive performer this week during the market volatility. As a result, it is still up almost 1% this week despite this decline.
