Why Camplify, Platinum, Rio Tinto, and Woodside shares are dropping today

These ASX shares are under pressure on Thursday. But why?

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The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is edging higher on Thursday. At the time of writing, the benchmark index is up slightly to 7,734.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Camplify Holdings Ltd (ASX: CHL)

The Camplify share price is down 4% to $1.93. This follows news that Tourism Holdings Ltd (ASX: THL) has sold off its stake in the company. According to the release, Tourism Holdings sold its 14.14% stake in the peer-to-peer recreation vehicle rental operator for $1.90 per share. This represents a total consideration of $19.2 million.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down 5% to $1.14. This may have been driven by profit taking from some investors following a strong gain this month. For example, prior to today, the fund manager's shares were up 14% since the start of March. This was driven by the release of its half-year results after the market close on 29 February.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down over 2% to $120.96. This has been caused by the mining giant's shares going ex-dividend this morning for its final dividend. In fact, if you took this dividend out of the equation, the miner's shares would be pushing higher today. Eligible shareholders can look forward to being paid Rio Tinto's $3.93 per share final dividend next month on 18 April.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is down 3% to $29.62. This has also been driven by the energy giant's shares going ex-dividend this morning. Eligible shareholders will be paid its fully franked 91.5 cents per share final dividend early next month on 4 April.

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Camplify. The Motley Fool Australia has recommended Camplify. 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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