The S&P/ASX 200 Index (ASX: XJO) is on form again on Thursday. In afternoon trade, the benchmark index is up 0.15% to 7,100 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
CSL Limited (ASX: CSL)
The CSL share price is down 5.5% to $240.01. This follows news that a trial of weight loss drug Ozempic in kidney disease delivered strong results. Investors appear concerned about what impact this could have on its CSL Vifor business.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down 2% to $2.85. This morning, Albemarle asked for more time to complete its due diligence. In addition, Gina Rinehart has completed her buying. Her purchases have been supporting the lithium developer's share price in recent weeks.
ResMed Inc (ASX: RMD)
The ResMed share price is down 5.5% to $22.12. This also appears to have been driven by news of Ozempic's strong trial results. However, analysts have stated recently that ResMed can grow at a strong rate long into the future despite the emergence of these drugs.
Tabcorp Holdings Ltd (ASX: TAH)
The Tabcorp share price is down 6% to 92 cents. Investors have been selling this gambling company's shares following the release of its quarterly update. Tabcorp reported a 6.1% decline in revenue