Why Australian Clinical Labs, Meridian, MyState, and Sigma shares are falling today

These ASX shares are ending the week in the red. But why?

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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.

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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