Why Costa, Insignia, Lovisa, and Ramsay shares are sinking today

These ASX shares are having a tough time on Thursday.

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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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa. The Motley Fool Australia has recommended Costa Group and Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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