The S&P/ASX 200 Index (ASX: XJO) is on form on Thursday and on course to record a small gain. At the time of writing, the benchmark index is up 0.25% to 6,663.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is down a further 3.5% to $2.92. Investors have been selling this baby products retailer's shares following a very disappointing update earlier this week. This latest decline means the Baby Bunting share price is now down 25% over the last three sessions. Not even news of some insider buying today has been able to stop the slide.
Mirvac Group (ASX: MGR)
The Mirvac share price is down 3% to $1.87. This property company's shares have come under pressure this week after it announced the impending retirement of both its CEO and Chair. The company's CEO, Susan Lloyd-Hurwitz, will retire from Mirvac on 30 June 2023 after a decade in the top job.
NIB Holdings Limited (ASX: NHF)
The NIB share price is down over 11% to $6.66. This morning this private health insurer announced the completion of a $135 million institutional placement. These funds were raised at the floor price of $6.90 per new share, which represents an 8.1% discount to its last close price. The proceeds will be used to support NIB's expansion into the NDIS market as a Plan Manager.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 4% to $4.97. Investors appear to have been selling Pilbara Minerals and other lithium shares today following a bearish broker note out of Morgan Stanley last night. The broker has raised concerns over lithium demand and prices in China. This sent lithium stocks on Wall Street sinking deep into the red.
