In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is charging higher. At the time of writing, the benchmark index is up 0.65% to 7,400.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
AMP Ltd (ASX: AMP)
The AMP share price is down over 13% to $1.13. Investors have been selling this financial services company's shares following the release of its half year results. Investors appear disappointed that AMP reported a 34% decline in underlying net profit after tax to $184 million.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is down 3% to $2.93. Although the gold miner reported a 13% increase in EBITDA to $446 million, it decided to cut its dividend down to 2 cents per share. Management advised that this dividend balances capital investment and balance sheet management with investor returns.
Perenti Ltd (ASX: PRN)
The Perenti share price is down 8% to $1.11. This follows news of an incident at the Dugald River underground mine in Cloncurry, Queensland. The mining services company remains hopeful that a positive outcome can be achieved and is working around the clock.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 3% to $7.95. Investors have been selling this coal miner's shares following the release of its half year results. Although Whitehaven Coal delivered incredible growth and a sales and profit result in line with consensus expectations, its dividend appears to have disappointed the market. Whitehaven Coal increased its fully franked interim dividend by a massive 300% to 32 cents per share. However, this was still well short of the 44 cents per share consensus estimate.
