Why Graincorp, Lindsay Australia, NAB, and Sims shares are sinking today

These ASX shares are having a tough session on Tuesday. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.7% to 7,734.4 points.

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

Graincorp Ltd (ASX: GNC)

The Graincorp share price is down a further 3.5% to $7.83. Investors have been selling this grain exporter's shares this week after it downgraded its earnings guidance for FY 2024. GrainCorp now expects to report FY 2024 underlying EBITDA in the range of $250 million to $280 million. This is down from its previous guidance range of $270 million to $310 million. In addition, it expects underlying net profit after tax to be $60 million to $80 million. This is down from its previous guidance of $65 million to $95 million. A recent deterioration in trading conditions is to blame.

Lindsay Australia Ltd (ASX: LAU)

The Lindsay Australia share price is down almost 8% to 88 cents. This follows the release of a trading update from the logistics company this morning. Lindsay Australia advised that it expects underlying EBITDA to be between $88 million and $94 million in FY 2024. This is below expectations due to lower horticultural volumes because of wet weather, multiple rail disruptions, and disrupted freight flows and volumes impacting operational efficiency and utilisation.

National Australia Bank Ltd (ASX: NAB)

The National Australia Bank share price is down 2.5% to $33.79. This has been driven by the banking giant's shares going ex-dividend this morning for its latest payout. Last week, the big four bank released its half-year results and declared a fully franked interim dividend of 84 cents per share. Eligible shareholders can now look forward to receiving this dividend in their bank accounts when it is paid in just under two months on 3 July.

Sims Ltd (ASX: SGM)

The Sims share price is down 5% to $11.20. Investors have been hitting the sell button today after the scrap metal company downgraded its earnings guidance for FY 2024. Management advised that ongoing market challenges have continued across the industry. This has seen its SA Recycling and ANZ Metal businesses face increased challenges compared to the first half. As a result, the company advised that its second-half underlying EBIT will be marginally lower than the first half. This compares to its previous guidance for underlying EBIT "to improve in H2 FY24 compared to HY1 FY24."

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 Lindsay Australia. The Motley Fool Australia has recommended Lindsay Australia. 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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