The S&P/ASX 200 Index (ASX: XJO) is having a relatively positive session on Wednesday. In afternoon trade, the benchmark index is up 0.2% to 8,556.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
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Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's Pizza share price is down 26% to $14.97. Investors have been selling this embattled pizza seller's shares after it announced the shock exit of its CEO. After just 8 months in the top job, CEO and managing director, Mark van Dyck, has revealed that he is stepping down. He will be leaving the company before the end of the year. The company's chairman, Jack Cowin, will become executive chair on an interim basis from today. A global search for a new CEO is now underway to find a replacement for Mr van Dyck.
Helia Group Ltd (ASX: HLI)
The Helia Group share price is down 24% to $4.16. Investors have been selling this Lenders Mortgage Insurance (LMI) provider's shares after it lost another major contract. According to the release, ING Bank (Australia) has informed Helia Group that it has decided to proceed with negotiations with an alternate provider for its LMI requirements. Helia's supply and service contract with ING expires on 30 June 2026 but includes a right for ING to terminate the contract by providing three months' notice. The company notes that the LMI business underwritten under this contract represented approximately 17% of Helia's 2024 Gross Written Premium (GWP).
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is down over 3% to $10.40. This morning, the airline operator revealed that it has been the victim of a major cyber attack. While at this stage Qantas doesn't know for sure how much data was stolen, it expects that "it will be significant." Qantas has 6 million customers that have service records in the impacted platform. An initial review has confirmed the data that has been taken includes some customers' names, email addresses, phone numbers, date of births, and Qantas frequent flyer numbers.
Zip Co Ltd (ASX: ZIP)
The Zip Co share price is down 5.5% to $3.03. This is despite there being no news out of the buy now pay later provider today. However, it is worth noting that investors in the US were rotating out of tech stocks and into the healthcare sector overnight.
