The S&P/ASX 200 Index (ASX: XJO) is back on form on Thursday and charging higher. In afternoon trade, the benchmark index is up 0.6% to 7,591.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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BHP Group Ltd (ASX: BHP)
The BHP share price is down 2% to $45.05. This follows the announcement of a multi-billion dollar impairment of its nickel assets. BHP believes unfavourable operating conditions will endure for a considerable time. Combined with cost pressures, it has been forced to impair the Western Australia Nickel's assets by US$2.5 billion. This reduces the carrying value of the assets to negative US$0.3 billion.
IDP Education Ltd (ASX: IEL)
The IDP Education share price is down almost 7% to $20.44. This morning, analysts at Bell Potter downgraded the language testing and student placement company's shares to a hold rating with a trimmed price target of $23.60.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price is down over 10% to $96.79. Investors have been selling this health imaging technology company's shares following the release of its half-year results. Although Pro Medicus reported very strong revenue and earnings growth, the market appears to have been expecting an even stronger result. It may also be disappointed at the lack of any real operating leverage.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 6% to $7.04. This morning, this coal miner released its half-year results and reported a 58% decline in revenue and a 77% decline in underlying EBITDA. This forced the company to slash its interim dividend to 7 cents per share from 32 cents per share a year earlier. This was driven by higher costs and significantly weaker realised pricing.
