In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.3% to 8,558.8 points.
Four ASX shares that have failed to rise with the market today are listed below. Here's why they are falling:
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Graincorp Ltd (ASX: GNC)
The Graincorp share price is down 7% to $6.87. Investors have been selling this grain exporter's shares following the release of a guidance update. Graincorp revealed that it expects to report an underlying net profit after tax in the range of $60 million to $95 million in FY 2025 excluding Business Transformation costs. This is either going to be a decline of 22% or an increase of 23% on the $77 million it reported in FY 2024.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 10% to $8.03. This follows the release of the insurance giant's half year results. Although IAG delivered a 91.2% increase in net profit after tax to $778 million, investors appear disappointed with its guidance for the second half. It warned that its gross written premium growth is expected to be at the lower end of its mid to high single digit range. This reflects "improving claims trends and lower reinsurance costs driving a moderation in premium increases."
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price is down 2.5% to $281.22. Investors appear to have been taking profit after the health imaging technology company's shares initially stormed to a record high following the release of its half year results. Pro Medicus revealed a 31.1% increase in revenue from ordinary activities to $97.2 million and a 42.7% jump in net profit to $51.7 million. CEO Dr Sam Hupert said: "We feel it's a strong result, underlined by record contract wins and several key implementations, including Baylor Scott & White (BS&W) – which was fully implemented in 11 months from date of signing, a record for the industry."
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down 4% to $10.70. This has been driven by the release of a solid half year result which was overshadowed by weak full year guidance. Treasury Wine reported a 20.2% increase in net sales revenue to $1,544.2 million and a 35.1% increase in EBITS to $391.4 million. However, it warned that its full year FY 2025 EBITS is expected to be at the low end of its $780 million to $810 million guidance range. This compares unfavourably to the consensus estimate of $796 million.
