Why Accent, Austal, Newmont, and Sandfire shares are plunging 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) 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.

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 positions in and has recommended Austal. The Motley Fool Australia has recommended Accent Group. 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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