The S&P/ASX 200 Index (ASX: XJO) has found its legs in afternoon trade and is pushing higher. At the time of writing, the benchmark index is up 0.25% to 7,718.4 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
Ampol Ltd (ASX: ALD)
The Ampol share price is down 5% to $37.33. This has been driven by the fuel retailer's shares going ex-dividend this morning for its latest payout. Eligible shareholders can now look forward to receiving its $1.80 per share final dividend later this month on 27 March.
Calix Ltd (ASX: CXL)
The Calix share price is down 7% to $1.77. Investors have been selling this environmental technology company's shares following the release of its half-year results. Calix reported a 28% increase in revenue to $16.3 million but a loss after tax of $13.3 million. That's up from a loss of $9.3 million a year earlier.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is down 6% to $10.35. This appears to have been driven by a broker downgrade. According to a note out of Citi, its analysts have downgraded the KFC restaurant operator's shares to a sell rating with a $10.60 price target. Citi has concerns over the company's second-half prospects. Particularly after one of its poultry suppliers recently reported weaker sales volumes.
Propel Funeral Partners Ltd (ASX: PFP)
The Propel Funeral Partners share price is down 4% to $5.57. This morning, the funerals company revealed that it has almost doubled the size of its share purchase plan due to strong demand. The company was seeking to raise $10.5 million from retail shareholders. But with applications totalling approximately $20.5 million from over 900 applicants, it has decided to increase its offering by $10 million to approximately $20.5 million.
