The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a strong gain. At the time of writing, the benchmark index is up 1% to 7,247.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Australian Ethical Investment Ltd (ASX: AEF)
The Australian Ethical share price is down 11% to $3.22. This means the fund manager's shares have given back almost all of yesterday's strong gains. Investors may believe that its business update wasn't as impressive as it first appeared after factoring in acquisitions.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is down 3% to $7.70. This is despite there being no news out of the quick service restaurant operator today. However, with its results release coming later this month, some investors may be nervous following a poor update from one of its rivals this week.
DGL Group Ltd (ASX: DGL)
The DGL share price is down a further 12% to 84.5 cents. This diversified industrial company's shares have come under pressure this week after it downgraded its earnings guidance for FY 2023. Cost pressures means DGL now expects ETBIDA of $64 million to $66 million in FY 2023. This compares to its previous guidance of $71.5 million to $73.5 million.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is down almost 3% to 83.2 cents. This morning, this pharmacy chain operator and supplier revealed that its CFO has resigned and will leave on 31 August. Nigel Simonsz is pursuing an external opportunity within a large private enterprise as group CFO and CEO of an international business unit.