The S&P/ASX 200 Index (ASX: XJO) is having a better day on Thursday. In afternoon trade, the benchmark index is up 0.2% to 7,965.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Challenger Ltd (ASX: CGF)
The Challenger share price is down 11% to $6.25. This has been driven by news that Apollo Global Management (NYSE: APO) has reduced its shareholding in Challenger. The release reveals that Apollo has cut its stake from 20.1% to 9.9% this morning through a block trade. This appears to have been undertaken at $6.51 per share. The good news is that the two parties have revealed that their strategic initiatives will continue and are not subject to Apollo's shareholding in Challenger. This includes the Challenger Life business having access to Apollo's high-quality direct asset origination capabilities.
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price is down 15.5% to 92.5 cents. This morning, this coal miner downgraded its guidance for FY 2024 due to the negative impacts of mechanical repairs to the overland conveyor and subsequent rainfall levels at the Curragh Complex. Management revealed that the rainfall levels were more than three times the 10-year monthly average for the area. Saleable production is now expected to be 15.4MMt to 16MMt for FY 2024. This is down from 16.4MMt to 17.2MMt previously. In addition, its average mining cost per tonne sold is now expected to be $105 to $110. This is up from its previous guidance of $95 to $99.
Monash IVF Group Ltd (ASX: MVF)
The Monash IVF share price is down 3.5% to $1.13. This follows news that the fertility treatment company has agreed to settle the proceedings it commenced in the Federal Court of Australia against its insurer, CGU Insurance. The impact of the settlement reached will improve its FY 2025 net profit after tax by $3.6 million. It seems that some investors were counting on a bigger payout from the proceedings.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 6.5% to $25.09. This has been driven by the energy giant's shares going ex-dividend this morning. Last month, Woodside released its half year results and reported a 13.9% decline in underlying net profit after tax to US$1,632 million. This led to the Woodside board cutting its fully franked interim dividend by 14% to 69 US cents per share. This is the equivalent of approximately A$1.02 per share. Eligible shareholders can look forward to receiving this dividend next month on 3 October.
