Why Brickworks, Elders, SG Fleet, and TechnologyOne shares are falling today

These ASX shares are having a tough time on Tuesday. But why?

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The S&P/ASX 200 Index (ASX: XJO) is having another positive session. In afternoon trade, the benchmark index is up 0.35% to 7,082.8 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Brickworks Limited (ASX: BKW)

The Brickworks share price is down 3% to $25.44. This follows the release of a trading update at the building products company's annual general meeting. Management said: "Although macroeconomic conditions may cause some short-term challenges across our portfolio, each of our businesses have a strong long-term outlook."

Elders Ltd (ASX: ELD)

The Elders share price is down 3% to $7.13. This has been driven by the agribusiness company's shares going ex-dividend this morning for its final dividend for FY 2023. Eligible shareholders can now look forward to receiving this 23 cents per share dividend on 20 December.

SG Fleet Group Ltd (ASX: SGF)

The SG Fleet share price is down 14% to $2.21. This morning, the fleet management company announced that Ayvens has partially sold down its stake via a placement. It appears that the sale was made at a 13% discount of $2.23 per share. Management advised that all referral and other commercial arrangements between the two parties remain in place and both companies intend to further pursue their ongoing close cooperation.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price is down 3% to $15.90. This follows the release of the enterprise software provider's FY 2023 results. While the result was ahead of guidance and management has brought its medium-term target forward, it seems that the market had already priced this in and maybe more.

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 Brickworks and Technology One. The Motley Fool Australia has positions in and has recommended Brickworks. The Motley Fool Australia has recommended Elders and Technology One. 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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