The S&P/ASX 200 Index (ASX: XJO) has returned to form on Tuesday and is storming higher. In afternoon trade, the benchmark index is up 1.3% to 6,987.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 2% to $5.81. Concerns over tough trading conditions in China may have been weighing on its shares. And with the infant formula company's on-market share buyback now complete, shareholders can't rely on that to support its share price in the near term.
Accent Group Ltd (ASX: AX1)
The Accent share price is down 4% to $2.17. This is despite there being no news out of the footwear and fashion retailer today. However, analysts at Morgans have reiterated their hold rating and $2.30 price target on its shares this morning. The broker commented: "Since the result, we have become a little more cautious on the outlook for near term consumer spending in the footwear category."
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 2% to $11.60. This appears to have been driven by profit taking after some strong gains in recent sessions. Thanks to a strong rise by the gold price, Northern Star's shares have risen almost 12% since the start of the month.
Select Harvests Ltd (ASX: SHV)
The Select Harvests share price is down 5% to $3.94. This follows the release of a business update from the almond producer. This morning, management revealed that its 2023 almond crop volume is expected to be lower than initially forecast. Select Harvests also revealed that its banking facility re-negotiations have progressed and should not be affected by this news.
