The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up slightly to 8,556.2 points.
Four ASX shares that have failed to climb with the market today are listed below. Here's why they are falling:
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APA Group (ASX: APA)
The APA Group share price is down 3.5% to $8.18. This has been driven by the energy infrastructure company's shares going ex-dividend this morning for its latest distribution. Earlier this week, APA Group revealed that it plans to pay a final distribution of 30 cents per share for the six months ending 30 June 2025. This represents a 1.7% increase over last year's final distribution and brings its total dividends for FY 2025 to 57 cents per share, which is in line with its guidance. Eligible shareholders can now look forward to being paid on 10 September.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 2.5% to $12.43. This is despite there being no news out of the travel agent giant. However, it is worth noting that a good number of travel stocks are under pressure on Friday. It is possible that some investors believe that recent events in the Middle East could have an impact on travel demand during the European summer.
Reece Ltd (ASX: REH)
The Reece share price is down 14% to $14.88. This follows the release of a trading update from the plumbing parts company. Management advised that "underlying volumes continue to be subdued" due to housing market softness. As a result, Reece expects group EBIT for FY 2025 to be between $548 million and $558 million. This represents a disappointing decline of more than 18% on FY 2024's EBIT of $681 million. The company's CEO and chair, Peter Wilson, said: "Our expected FY25 results reflect the backdrop of continuing macro-economic headwinds. We have not seen a material improvement in trading conditions in the second half."
Transurban Group (ASX: TCL)
The Transurban Group share price is down over 2.5% to $13.70. Like APA Group, this has been driven by the toll road operator's shares going ex-dividend this morning. Last week, Transurban announced plans to pay a 33 cents per share final dividend for the six months ending 30 June. This is up slightly on the 32 cents per share it paid a year earlier and brings its total dividends to 65 cents per share for FY 2025. Eligible shareholders will be paid this dividend in a touch under two months on 22 August.
