The S&P/ASX 200 Index (ASX: XJO) is on form again on Monday and pushing higher. In afternoon trade, the benchmark index is up 0.8% to 7,986.5 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is down 5% to $2.86. This morning, this building materials company revealed that its Golden Bay cement business is currently experiencing operational issues with the Marine Vessel Aotearoa Chief (MVAC) which is owned and operated by a third-party provider. The ship transports cement around the North Island from Golden Bay's Portland manufacturing facility. Fletcher Building advised that due to a mechanical issue, the vessel is currently docked at Northport while inspections and repairs are made by the owner. Management expects the impact on FY 2025 earnings to be in the range of NZ$10 million to NZ$30 million.
JB Hi-Fi Ltd (ASX: JBH)
The JB Hi-Fi share price is down 2% to $65.91. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has downgraded the retail giant's shares to a sell rating with a $60.00 price target. Its analysts highlight that the company's shares are now trading at a premium to historical averages and peers following a strong rally over the past 12 months.
NIB Holdings Limited (ASX: NHF)
The NIB share price is down 3% to $7.01. This has been driven by news that the private health insurer's long-serving CEO is stepping down. According to the release, Mark Fitzgibbon has advised of his intention to retire from the role in September after 22 years leading the company. NIB has moved quickly to find a replacement. It revealed that Ed Close has been selected as the company's incoming managing director and CEO. He is expected to formally take up his position at NIB before the end of calendar year 2024. Close is currently leading the company's ARHI business.
ResMed Inc (ASX: RMD)
The ResMed share price is down almost 2.5% to $30.59. This has been driven by concerns about weight loss drugs again. This follows the announcement of a revenue downgrade from a company with similar customer bases. However, the downgrade appears to have been company specific, with its rivals performing stronger than expected. This could mean today's weakness is a big overreaction.
