The S&P/ASX 200 Index (ASX: XJO) is having another positive session. In afternoon trade, the benchmark index is up 1.4% to 7,313.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Adbri Ltd (ASX: ABC)
The Adbri share price is down a further 7% to $2.18. Investors have been selling this building materials company's shares since the release of its half-year results. While those results were solid, its guidance for the second half implies earnings before interest and tax below consensus estimates. This morning, Macquarie downgraded its shares to an underperform rating with a reduced price target of $2.00.
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 23% to $3.87. This follows the release of the mineral exploration company's scoping study for the Gonneville Nickel-Copper-PGE Project. That study outlines an executable, tier-1 scale development project in a world-class jurisdiction. However, management's timeline shows that it doesn't expect to commence production until 2029.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down over 2% to $21.60. This morning, Flight Centre released its FY 2023 results and revealed a 127% increase in revenue to $2,281 million and underlying EBITDA of $302 million. The latter was up $485 million from an EBITDA loss of $183 million a year ago. While this was strong, it wasn't a surprise given last month's trading update. And with no guidance given, there wasn't anything to drive its shares higher.
Kelsian Group Ltd (ASX: KLS)
The Kelsian share price is down 4.5% to $6.33. Investors have been selling the travel and transport company's shares following the release of its FY 2023 results. Kelsian, formerly known as Sealink, posted a 9.3% increase in revenue to $1,417.8 million but a 60% decline in net profit after tax to $21 million.