The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday. In afternoon trade, the benchmark index is up 0.2% to 7,474.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price is down almost 4% to $2.06. This follows the release of the coal miner's quarterly and full year update. Coronado Global reported a 66.2% increase in full year revenue to a record of US$3,572 million. However, investors appear disappointing by a significant increase in its average mining costs to US$88.40 per tonne. Management blamed inflationary pressures and wet weather.
Mincor Resources NL (ASX: MCR)
The Mincor share price is down 6% to $1.73. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the nickel developer's shares to a neutral rating with a $1.80 price target. Macquarie made the move largely on valuation grounds.
OFX Group Ltd (ASX: OFX)
The OFX share price is down almost 4% to $2.30. This follows the release of the international money services provider's third quarter update. Although OFX delivered solid growth over the prior corresponding period, its numbers were down slightly quarter on quarter. Nevertheless, management has reaffirmed its guidance for FY 2023.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 7% to 77.5 cents. This is despite the buy now pay later provider reporting a record quarterly performance this morning. The company also revealed that its US operations were profitable at an operating level during the latter two months of the period. However, with Zip's shares rocketing higher yesterday, a lot of this may have already been factored into its valuation.
