The S&P/ASX 200 Index (ASX: XJO) is back on form at last and charging higher on Tuesday. In afternoon trade, the benchmark index is up 1.75% to 7,471.5 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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AMP Ltd (ASX: AMP)
The AMP share price is down almost 5% to $1.095. This is despite there being no news out of the financial services company on Tuesday. This latest decline means that its shares are now down by 16% since this time last month.
Brickworks Ltd (ASX: BKW)
The Brickworks share price is down 0.5% to $23.30. The catalyst for this has been the building products company's shares going ex-dividend this morning for its latest payout. Last month, Brickworks released its half year results and declared a fully franked interim dividend of 25 cents per share. This was up 4.2% on the prior corresponding period. Eligible shareholders can look forward to receiving this dividend at the very start of next month on 1 May.
HMC Capital Ltd (ASX: HMC)
The HMC Capital share price has continued its slide and is down a further 4.5% to $4.73. This alternative investment company has been one of the hardest hit ASX 200 stocks during the recent market meltdown. For example, after today's decline, its shares are now down by over 40% since this time last month. Goldman Sachs is likely to see this as a buying opportunity. It recently put a buy rating and $10.90 price target on its shares. This is more than double its current share price.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum Asset Management share price is down 2% to 55 cents. This morning, Goldman Sachs responded to the fund manager's latest funds under management (FUM) update by retaining its sell rating with a reduced price target of 56 cents. It said: "We retain our Sell rating on PTM with a revised 12-m PT of $0.56. PTM continues to experience persistent flow pressure and weak investment performance (somewhat improved). Markets remain uncertain with further weakening over early Apr-25. PTM's high CTI offers levered exposure to markets and it is unclear what additional cost out levers PTM has to offset income pressure. We also remind that PTM is pursuing growth; but still early days with further material capital management unlikely."
