The S&P/ASX 200 Index (ASX: XJO) is attempting to rebound from recent market weakness on Thursday. At the time of writing, the benchmark index is up 0.2% to 7,799.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Bapcor Ltd (ASX: BAP)
The Bapcor share price is down 2% to $4.88. This has been driven by the auto parts seller's shares going ex-dividend this morning. When this happens, it means the rights to an upcoming dividend are now settled and new buyers won't be eligible to receive it on pay day. As a result, a share price will usually fall to reflect this. Last month, Bapcor released its half year results and declared a fully franked 8 cents per share interim dividend. This will be paid to eligible shareholders next month on 3 April.
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is down over 1% to $2.89. Investors have been selling this building products company's shares following a bearish broker note out of Goldman Sachs. The broker has downgraded Fletcher Building's shares to a sell rating with a $2.85 price target. Commenting on the company, the broker said: "Over the last three months, FBU's share price has increased ~15% whilst FY25/FY26 FactSet consensus EBIT has been revised 3% lower. FBU remains cyclically challenged and the re-rate appears to be looking through lags between OCR cuts and building products/materials demand."
Inghams Group Ltd (ASX: ING)
The Inghams share price is down 5.5% to $3.11. The catalyst for this decline has been the poultry producer's shares going ex-dividend this morning for its interim dividend of FY 2025. Last month, Inghams released its half year results and declared a fully franked interim dividend of 11 cents per share. Eligible shareholders can now look forward to being paid this dividend next month on 4 April.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is down 12% to $5.34. This has also been driven largely by the coal miner's shares going ex-dividend this morning for its final dividend for FY 2024. Last month, Yancoal released its full year results and declared a fully franked final dividend of $687 million or $0.52 per share. Based on its last close price, this represents a fully franked 8.6% dividend yield. In addition, a number of ASX coal stocks are falling today. This has been caused by weak Asian import data.
