The S&P/ASX 200 Index (ASX: XJO) is having another positive session on Thursday. In afternoon trade, the benchmark index is up 0.5% to 7,184.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price is down 12% to $2.92. This morning, this horticulture company revealed that it was pushing back the release of its half-year results. In addition, Costa warned that there has been a deterioration in the outlook for later season quality across its citrus category. This has sparked fears that its proposed takeover by Paine Schwartz Partners could collapse.
Insignia Financial Ltd (ASX: IFL)
The Insignia share price is down almost 11% to $2.60. Investors have been selling this financial services company's shares following the release of its full-year results. Insignia reported a 15% decline in underlying net profit after tax to $191 million and cut its final dividend by 21% to 9.3 cents per share.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down over 7% to $20.97. This follows the release of the fashion jewellery retailer's FY 2023 results. Lovisa's revenue rose 30% to $596.5 million and its net profit climbed 16.7% to $68.2 million for the 12 months. This fell short of the $614.8 million and $76.8 million, respectively, that Bell Potter was forecasting.
Ramsay Health Care Ltd (ASX: RHC)
The Ramsay share price is down 11% to $49.09. This morning, this private hospital operator released its FY 2023 results and reported an 11.6% lift in revenue to $15.3 billion and an 8.8% increase in net profit after tax to $298.1 million. Looking ahead, while management is guiding to mid-single-digit revenue growth in FY 2024, it has warned that inflationary pressures could weigh on its earnings.
