In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is edging higher. At the time writing, the benchmark index is up 0.1% to 7,958.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Johns Lyng Group Ltd (ASX: JLG)
The Johns Lyng share price is down 9% to $2.55. Investors have been selling this insurance building and restoration services company's shares after it was kicked out of the ASX 200 index. It is being removed at the next quarterly rebalance following a sharp decline over the past 12 months. This has taken it to a market capitalisation lower than what is required for a place in the benchmark index.
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is down 2% to $9.73. This is despite there being no news out of the airline operator today. However, with its shares rocketing over the last 12 months and hitting new multi-year highs last week, it is possible that some investors are taking a bit of profit off the table. Though, it is worth noting that Goldman Sachs believes its shares can keep rising. Last week, the broker put a buy rating and $11.80 price target on the Flying Kangaroo's shares.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 4.5% to 22 cents. Investors have been selling this gold miner's shares after it downgraded its production guidance for FY 2025. Management now expects second half production of between 32,500 and 42,500 ounces at an all-in sustaining cost (AISC) of between A$3,400 and A$3,800 per ounce. This will mean full year production of 55,000 to 65,000 ounces at an AISC of A$3,900 to A$4,200 per ounce. This compares to its previous guidance of 65,000 to 75,000 ounces at an AISC of A$3,200 to A$3,600 per ounce. Management advised that the average mined grade is expected to be lower than was being targeted as a result of face positions not being achieved in time in two of the key mining locations.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is down almost 3% to $13.40. This has been driven by the retail conglomerate's shares going ex-dividend this morning. Last month, the BCF, Macpac, Super Cheap Auto, and Rebel owner released its half year results and declared a fully franked 32 cents per share interim dividend. This will be paid to eligible shareholders next month on 15 April.
