The S&P/ASX 200 Index (ASX: XJO) is ending the week on a positive note. In afternoon trade, the benchmark index is up 0.4% to 7,165.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Image source: Getty Images
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 3% to $5.96. This morning, the infant formula company released an update at its annual general meeting. While A2 Milk expects currency tailwinds to lead to stronger revenue growth in FY 2023, it now expects its EBITDA margin to be flat. This compares to previous guidance for a modest improvement.
Cettire Ltd (ASX: CTT)
The Cettire share price has sunk 14% to $1.44. This follows news that the company's CEO has sold down his holding. The online luxury products retailer's CEO, Dean Mintz, sold 41 million shares at a 13% discount of $1.46 per share. This equates to a total consideration of approximately $60 million.
Coronado Global Resources Inc (ASX: CRN)
The Coronado share price is down over 6% to $1.91. The catalyst for this has been the coal miner's shares trading ex-dividend on Friday morning. At the end of last month, Coronado declared a special dividend of 13.4 US cents per share. This equates to approximately 20 Australian cents per share. Coronado will be paying this dividend on 12 December.
Perpetual Limited (ASX: PPT)
The Perpetual share price is down a further 2.5% to $26.92. Investors have been selling this fund manager's shares after the courts pressured it to complete its acquisition of Pendal Group Ltd (ASX: PDL). This effectively rules out its own takeover by private equity. Analysts at Credit Suisse now expect the merger to complete and have downgraded its shares to a neutral rating with a reduced price target of $27.50.
