The S&P/ASX 200 Index (ASX: XJO) is back on form on Tuesday and pushing higher. In afternoon trade, the benchmark index is up 0.5% to 7,059.0 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Bapcor Ltd (ASX: BAP)
The Bapcor share price is down over 11% to $5.93. Investors have been selling this auto parts retailer's shares following the release of a trading update at its annual general meeting. Management revealed that its performance during the first quarter was below expectations due to slowing sales growth and short-term margin pressures.
GUD Holdings Limited (ASX: GUD)
The GUD share price is down 3% to $11.26. This morning, GUD announced an agreement to acquire European specialist lighting distribution business RVX for approximately $12 million before adjustments. The market was happy with the news but then started selling GUD's shares after Bapcor's update was released. Both companies have similar end-markets.
Meridian Energy Ltd (ASX: MEZ)
The Meridian Energy share price is down almost 3% to $4.72. This follows the release of the New Zealand-based energy company's monthly update. According to the release, national electricity demand in September 2023 was 1.7% lower than the same month last year. Management notes that last month was the warmest September on record with temperatures above average for most of the country.
Spartan Resources Ltd (ASX: SPR)
The Spartan Resources share price is down 7% to 39.5 cents. This is despite the gold explorer, formerly known as Gascoyne Resources, announcing a new discovery today. Spartan advised that it has made a new shallow high-grade gold discovery immediately north of its high-grade Never Never Gold Deposit. However, it seems that this was already priced in following a strong rise yesterday.
