In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing, the benchmark index is up 1.1% to 7,457 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are dropping:
Australian Clinical Labs Ltd (ASX: ACL)
The Australian Clinical Labs share price is down 2% to $2.86. This morning, the ACCC revealed that it opposes the company's proposed merger with Healius Ltd (ASX: HLS). In response to the news, Australian Clinical Labs revealed that it intends to withdraw its takeover offer and cancel the extraordinary general meeting.
Meridian Energy Ltd (ASX: MEZ)
The Meridian Energy share price is down 3% to $4.85. This is despite the release of the energy company's latest monthly update, which revealed retail sales volumes in November that were 3.2% higher than the same period last year. It's possible that investors are ignoring this and simply moving funds out of risk-off assets given improving sentiment.
MyState Limited (ASX: MYS)
The MyState share price is down over 5% to $2.98. This has been driven by the release of a trading update from the bank. MyState revealed that it has taken the decision to temper its FY 2024 lending growth in response to the economic and competitive environment. As a result, it now forecasts lending growth in line with system, rather than 2 times system. It expects this to result in earnings per share falling 7.5% to 12.5% in FY 2024.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is down 4.5% to 99.7 cents. Investors may be taking profit today after some very strong gains this week in response to its plan to merge with Chemist Warehouse. The Sigma share price remains up 35% this week despite today's weakness.
