The S&P/ASX 200 Index (ASX: XJO) is having a mildly positive session on Tuesday. In afternoon trade, the benchmark index is up slightly to 8,668.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Commonwealth Bank of Australia (ASX: CBA)
The Commonwealth Bank of Australia share price is down over 2% to $173.77. Investors have been selling CBA and the rest of the banks this week. It seems that the great rotation out of the big four banks is gathering pace. This appears to be benefiting the big miners and healthcare giant CSL Ltd (ASX: CSL), which are all up strongly on Tuesday.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down over 1.5% to $3.51. The catalyst for this appears to have been a broker note out of Macquarie this morning. According to the note, the broker has downgraded this poultry producer's shares to a neutral rating with a $3.70 price target. It believes its shares have now priced in a potential increase in consumer spending driven by expected rate cuts by the Reserve Bank of Australia.
Praemium Ltd (ASX: PPS)
The Praemium share price is down 9% to 70.7 cents. This follows the release of a fourth quarter update from the investment platform provider this morning. Praemium revealed total funds under administration (FUA) of $64.3 billion. While this is up 12% year on year, this growth rate pales in comparison to those of its ASX listed rivals. Commenting on its performance, Praemium's CEO, Anthony Wamsteker, said: "The June quarter was noteworthy for continuing strong inflows to our recently launched IDPS solution – Spectrum. We are pleased with the sales pipeline and ongoing interest in this product. Spectrum has closed the product gap which we believe was preventing us from achieving the full potential of our high quality technology offering."
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is down almost 16% to 13.5 cents. This morning, this energy producer revealed that Carnarvon Energy Ltd (ASX: CVN) is making a strategic investment. The release reveals that Carnarvon Energy will be issued up to $89 million of fully paid ordinary shares in Strike at an issue price of $0.12 per new share. This is a sizeable discount to its last close price and will give it a shareholding of up to 19.9%.
