In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decent gain. At the time of writing, the benchmark index is up 0.55% to 7,148.9 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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AMP Ltd (ASX: AMP)
The AMP share price is down over 4% to $1.26. Investors have been selling this financial services company's shares after it released an update on the divestment of its Colimate Capital businesses. AMP continues to wait for approval for the transfer of its interest in China Life AMP Asset Management. There is a danger that if this drag on any longer the transaction could be reduced in value or even terminated.
Computershare Limited (ASX: CPU)
The Computershare share price is down 5.5% to $24.25. This may have been driven by optimism that interest rates won't rise as much as fear amid signs of easing inflation in the United States. While this is good news for the share market, it is a small blow to Computershare which benefits greatly from higher interest rates.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 1.5% to $4.68. This morning, this insurance giant announced its 2023 reinsurance program. IAG's CFO Michelle McPherson said: "Global reinsurance has become more challenging over the past year due to the impact of capital markets and Australian and international natural peril events."
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down almost 5% to $7.05. This follows the release of the radiopharmaceuticals company's trading update this morning. Telix reported unaudited revenue of $76.8 million for the fourth quarter of 2022. While this is a 39% quarter on quarter increase, it appears to have fallen a touch short of expectations.
