The S&P/ASX 200 Index (ASX: XJO) is in form again and on course to record a strong gain. In afternoon trade, the benchmark index is up 1.2% to 7,202.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price is down 7.5% to $3.14. This morning, analysts at Bell Potter downgraded this diversified food company's shares to a hold rating with a reduced price target of $3.50 (from $4). It said: "We downgrade our NPAT forecasts by -50% in FY24e and -40% in FY25e, reflecting a higher FMP and higher lease costs, reflecting both the timing and value of the Vegemite Way sale."
Capitol Health Ltd (ASX: CAJ)
The Capitol Health share price is down 7% to 26 cents. Investors have been selling this diagnostic imaging provider's shares following the release of a trading update. Capitol Health advised that it expects to deliver revenue over $208 million in FY 2023 with operating EBITDA of $39.3 million to $40 million. This appears to be short of expectations.
Centaurus Metals Limited (ASX: CTM)
The Centaurus Metals share price is down 5% to 86.5 cents. This is despite the release of a presentation at the Macquarie Critical Minerals Forum this afternoon. That presentation spoke positively about its plans to develop the world's next significant green nickel project.
Seek Ltd (ASX: SEK)
The Seek share price is down 1.5% to $21.16. This is despite there being no news out of the job listings giant. However, its shares have been on a downward trend this month. So much so, they are now down over 12% since this time last month.
