In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,141 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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Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price has continued its decline and is down a further 10% to $1.33. Investors have been hitting the sell button this week in response to a disappointing trading update from the baby products retailer. Baby Bunting advised that it has experienced "unprecedentedly low" sales since starting its end of financial year promotional event.
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down 7% to $1.32. This morning, this energy producer released an update on the Trigg 1 gas exploration well. Unfortunately, management advised that the reservoir is interpreted to be tight with insufficient porosity and permeability to flow gas. As a result, Trigg 1 will be plugged and abandoned.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price is down 3% to $5.95. Earlier today, this Canadian iron ore miner advised that forest fires are impacting the railway it uses to ship its high-purity iron ore concentrate. As a result, it expects material delays in the sale of its iron ore.
Viva Energy Group Ltd (ASX: VEA)
The Viva Energy share price is down 4% to $3.08. This has been driven by news of an incident at the company's refinery in Geelong. Thankfully there were no injuries. However, it could take three months to repair the damage. During this period the company anticipates a refining EBITDA loss in the range of $25 million to $35 million per month (including in June) due to production and margin impacts.
