The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decent gain. In afternoon trade, the benchmark index is up 0.5% to 7,098.2 points.
Four ASX shares that have failed to climb with the market today are listed below. Here's why they are dropping:
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 9% to $8.84. Investors have been hitting the sell button today after the fund manager released another dismal funds under management update. Magellan revealed that its funds under management declined by 10% or $4.9 billion last month. Management also advised that its performance fees would not be material for the six months to 31 December.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down 2.5% to $1.63. This follows a poor night of trade for tech shares on Wall Street overnight. Investors were selling tech shares after strong US jobs data appeared to support the Federal Reserve's aggressive rate hike plans.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down a further 2.5% to $1.79. Investors have been selling this casino and resorts operator's shares in recent weeks amid concerns over a proposed new gambling tax. Goldman Sachs warned that the "NSW government's proposed casino tax reforms pose a significant earnings risk for SGR's Sydney casino." The Star share price is now down 30% since this time last month.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 4% to 60 cents. This may have been driven by profit taking from some investors after the buy now pay later provider's shares rocketed higher in recent sessions. Even after today's decline, the Zip share price is still up 12% since this time last week.
