The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory on Thursday. In afternoon trade, the benchmark index is up slightly to 7,609.5 points.
Four ASX shares that are acting as a drag on proceedings today are listed below. Here's why they are falling:
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Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price is down 8% to $15.01. This morning, this biopharmaceutical company released its half-year results and reported a 10% increase in revenue but a 4% decline in net profit after tax. This profit decline reflects a "controlled 28% expenses increase."
Medibank Private Ltd (ASX: MPL)
The Medibank share price is down 4.5% to $3.69. Investors have been selling the private health insurer's shares following the release of its half-year results. Medibank reported a 3.3% lift in revenue to $4,024 million and a 16.3% increase in underlying net profit after tax to $262.5 million. The latter was slightly below the consensus estimate of $265.7 million.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 26% to 4.7 cents. This has been driven by news that its largest shareholder, Piedmont Lithium Inc (ASX: PLL), has offloaded its entire stake in the lithium miner. Piedmont Lithium agreed to sell 1,152.2 million Sayona Mining shares for a deep discount of 5.2 Australian cents per share, bringing in proceeds of $59.9 million.
Tabcorp Holdings Ltd (ASX: TAH)
The Tabcorp share price is down 15% to 61.5 cents. This gambling company's shares are crashing today after investors responded negatively to its half-year results. Tabcorp reported a 5% decline in revenue to $1,210 million and a loss after tax of $636.8 million. The latter was driven by a non-cash impairment charge of $731.9 million after tax to its wagering and media business.
