In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of Wall Street and is pushing higher. At the time of writing, the benchmark index is up 0.6% to 7,657.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Accent Group Ltd (ASX: AX1)
The Accent share price is down 7% to $2.05. This follows the release of the footwear retailer's half-year results this morning. Accent reported a 1.7% decline in sales to $810.9 million and a 27.6% reduction in net profit after tax to $42.2 million. This led to the company's board cutting its interim dividend by 29% to 8.5 cents per share.
Austal Ltd (ASX: ASB)
The Austal share price is down 14% to $1.92. Investors have been selling the shipbuilder's shares after it released its half-year results. Austal reported a 7.5% decline in revenue to $717.7 million. And while the company posted a net profit after tax of $12 million (compared to a loss of $7.3 million in FY 2023), this is well short of FY 2022's half-year profit of $45.1 million.
Newmont Corporation (ASX: NEM)
The Newmont share price is down 7% to $47.26. This morning, this gold miner released its FY 2023 results and reported a huge loss. Newmont posted a 7% decline in adjusted EBITDA to US$4,217 million and a net loss of US$2.5 billion. The latter includes US$1.9 billion in impairment charges, US$1.5 billion in reclamation charges, and US$464 million in Newcrest transaction and integration costs.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is down 6% to $7.16. This follows the release of the copper miner's half-year results this morning. Sandfire reported a 3% decline in revenue to US$417.9 million and a loss after tax of US$53.1 million. Management blamed the loss on the MATSA mining complex in Spain, which was acquired for US$1.9 billion in FY 2022. MATSA accounted for depreciation and amortisation of US$149.1 million.
