In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.25% to 6,982.6 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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Carsales.Com Ltd (ASX: CAR)
The Carsales share price is down almost 1.5% to $21.56. This has been driven by the auto listings company's shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving its fully franked interim 28.5 cents per share dividend next month on 18 April.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is down 3.5% to $2.62. Investors have been selling gold miners today after the price of the precious metal eased overnight. This has seen the S&P/ASX All Ordinaries Gold index fall 1.3% this afternoon. Improving investor sentiment has reduced demand for safe haven assets.
Kelsian Group Ltd (ASX: KLS)
The Kelsian share price is down almost 10% to $5.74. This has been driven by the completion of the travel and transport company's institutional entitlement offer and placement. The company, formerly known as Sealink, has raised $130 million at a 12.6% discount of $5.55 per new share. The proceeds will be used to support its expansion into the United States through the acquisition of AAAHI. It is a leading provider of passenger motorcoach services.
Synlait Milk Ltd (ASX: SM1)
The Synlait share price is down almost 8% to $2.68. The catalyst for this has been the release of updated guidance from the dairy processor. Synlait revealed that it expects net profit after tax of NZ$15 million to NZ$25 million in FY 2023, which it notes is below consensus estimates. Management also revealed that it has "become increasingly clear that our two year recovery plan will now take three years."
