In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1% to 7,774.9 points.
Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are dropping:
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AGL Energy Limited (ASX: AGL)
The AGL Energy share price is down 2% to $8.56. This energy giant's shares have fallen since the Australian Energy Regulator (AER) tabled its draft of the default market offer (DMO) for 2024 to 2025. This document sets the maximum electricity prices energy retailers can charge nationwide and is pointing to lower prices for most consumers.
Brickworks Limited (ASX: BKW)
The Brickworks share price is down 2.5% to $28.45. This has been driven by the building products company's half-year results release this morning. Brickworks reported a 6% decline in revenue to $547 million and an underlying net loss of $37 million. This was driven largely by its Property Trust segment, which recorded a $233 million non-cash devaluation on its assets. Nevertheless, this couldn't stop the Brickworks board from increasing its interim dividend for the tenth year in a row. The company declared a fully franked interim dividend of 24 cents per share.
IGO Ltd (ASX: IGO)
The IGO share price is down 5% to $7.20. This is despite there being no news out of the battery materials miner on Thursday. However, it is worth noting that concerns over falling lithium prices have weighed heavily on its shares over the last 12 months, so this decline is nothing new. IGO's shares are now down over 40% since this time last year.
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is down 2.5% to $4.56. This morning, analysts at Goldman Sachs responded to the coal miner's half-year results by reiterating its sell rating on its shares with an improved price target of $3.70. Goldman commented: "The stock is trading at ~1.3x NAV (A$3.58/sh) and discounting a long-run thermal coal price of ~US$95/t (real) vs. our US$83/t estimate (based on our view of long run global marginal costs)."
