In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to post a small gain. The benchmark index is currently up 0.1% to 7,347.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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AGL Energy Limited (ASX: AGL)
The AGL share price is down 4% to $11.11. Investors have been selling this energy retailer's shares after it posted a large statutory loss for FY 2023. This ~$1.3 billion loss overshadowed strong underlying profit growth over the 12 months. AGL's underlying profit increased 24.9% to $281 million. This was at the top end of its guidance range of $255 million to $285 million.
Appen Ltd (ASX: APX)
The Appen share price is down almost 6% to $2.03. This is despite there being no news out of the artificial intelligence data services company. This latest decline means that Appen's shares are nearly at a new 52-week low and have lost almost half their value since early June. Investors appear concerned that another poor update is coming later this month from the struggling company.
Downer EDI Ltd (ASX: DOW)
The Downer share price is down almost 7% to $4.09. This has been driven by the release of the industrial services provider's full-year results. Downer reported a very disappointing loss after tax of $385.7 million for FY 2023. This loss was impacted by $541.5 million of impairment charges primarily relating to impairment of goodwill in the Utilities and Facilities businesses.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is down almost 3% to $109.82. This morning, this mining giant's shares traded ex-dividend for its latest payout. Eligible shareholders can now look forward to receiving Rio Tinto's interim dividend of US$1.77 (A$2.60) per share next month on 21 September.
