The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. In afternoon trade, the benchmark index is up 0.1% to 8,550.4 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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Commonwealth Bank of Australia (ASX: CBA)
The Commonwealth Bank share price is down over 1% to $182.65. Investors have been selling this banking giant's shares despite there being no news out of it. However, it is worth highlighting that there is speculation that a great rotation could happen in FY 2026 with large investors taking profits with bank stocks and moving to underperforming mining giants like BHP Group Ltd (ASX: BHP).
HMC Capital Ltd (ASX: HMC)
The HMC Capital share price is down almost 19% to $4.15. This follows the release of an update on its energy transition segment. According to the release, Neoen Australia's Victorian assets acquisition settlement has been deferred one month to 1 August 2025. It also commented: " HMC has commissioned an independent preliminary valuation of the Neoen VIC Portfolio. This independent preliminary valuation supports HMC's position that it has acquired the assets at an attractive price, which validates the strategic value of the portfolio and has allowed HMC to secure the $200m non-recourse mezzanine financing."
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is down 2% to $21.12. Investors have been selling this iron ore and lithium miner's shares despite there being no news out of it. However, it is worth noting that iron ore prices fell overnight amid ample supply and slowing demand. Its shares are now down over 60% since this time last year.
NIB Holdings Limited (ASX: NHF)
The NIB Holdings share price is down 2% to $6.93. This morning, Macquarie reiterated its underperform rating on this private health insurer's shares with a price target of $5.60. This implies potential downside of 19% for investors from current levels. It said: "Political and regulatory risk will grow into FY26 with the Health Minister given a second term and NDIS moving into focus. Reshuffling of divisional executives often lead to changes in strategy and earnings rebasing. This risk is not included in our forecasts. Catalysts to watch: review into product phoenixing, changes to the price approval process, change to the students deed, findings of the PALM review."
