In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.7% to 8,354.8 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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Dexus (ASX: DXS)
The Dexus share price is down 3% to $7.09. This morning, the property company released an update on the Dexus Bloc interest in Australia Pacific Airports Corporation (APAC). It is the owner of Melbourne and Launceston Airports. In 2024, Dexus was appointed by some of the Dexus Bloc shareholders to undertake a sale process in relation to their stakes. However, it has now received a notice from the APAC board alleging that Dexus has used a confidentiality deed poll and disclosed confidential information in the Dexus Bloc sale process in breach of the requirements under the APAC Shareholders' Deed. It responded: "Dexus intends to dispute the validity of the Notice, has always acted in good faith, and will vigorously defend its position and its clients' interests."
Dusk Group Ltd (ASX: DSK)
The Dusk share price is down 22% to 91 cents. Investors have been selling this specialty home fragrance retailer's shares following the release of a trading update. Dusk advised that it expects to report FY 2025 sales of $137 million to $139 million (up 8.1% to 9.7%) and underlying EBIT of $7 million to $8 million (up 12.9% and 29%). It seems that the market was expecting a much stronger performance from Dusk.
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is down 1% to $3.09. This morning, this building materials company that its Australian Division will be disestablished as a standalone division, with its operating businesses integrated into two new trans-Tasman divisions. Fletcher Building also released a trading update. CEO Andrew Reding said: "Since our interim results, our businesses have seen no significant improvement in market conditions, with market volumes continuing to be challenging due to macroeconomic uncertainties and the lack of any material momentum in the recovery of New Zealand's economy."
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is down 7% to $5.96. This is despite there being no news out of the uranium miner. Though, it is worth noting that most uranium stocks are falling on Friday. This could have been driven by profit taking. After all, even after today's decline, Paladin Energy's shares are up 35% since this time last month.
