The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday. In afternoon trade, the benchmark index is up 1.05% to 7,035 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is down 2.5% to $6.30. This has been driven by the toll road operator's shares going ex-dividend on Tuesday for its final dividend. Eligible shareholders can look forward to receiving the company's 20 cents per share unfranked dividend next month on 6 April.
Kingsgate Consolidated Limited (ASX: KCN)
The Kingsgate share price is down 25% to $1.50. This follows the completion of the Thailand-based gold miner's institutional placement this morning. Kingsgate has raised $46 million at an issue price of $1.50 per new share. The proceeds will be used primarily to fund plant 2 commissioning and working capital costs.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 4% to $3.69. This is despite there being no news out of the struggling online retailer. Though, it is worth noting that Premier Investments Limited (ASX: PMV) released its results yesterday and revealed a decline in online sales. Investors may believe this doesn't bode well for Kogan's performance, particularly given the unrelenting competition from Amazon.
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price is down a further 8% to $2.01. Investors have been selling this dairy processor's shares since the release of its half-year results yesterday. Synlait had a tough half and reported an 83% decline in net profit after tax to NZ$4.8 million. This reflects operational stability and cost challenges, which have impacted its performance.
