The S&P/ASX 200 Index (ASX: XJO) is heading into the weekend in style on Friday. In afternoon trade, the benchmark index is up 1.15% to 8,690.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Austal Ltd (ASX: ASB)
The Austal share price is down 1.5% to $6.33. This morning, the shipbuilder revealed that the Foreign Investment Review Board and Federal Treasurer Jim Chalmers have approved an application South Korean giant Hanwha Corporation to increase its direct equity shareholding in Austal from 9.9% to 19.9%. Not everyone is happy with the decision, with the ABC reporting that Japanese officials twice contacted the Department of Defence to raise concerns about the Hanwha bid.
Fenix Resources Ltd (ASX: FEX)
The Fenix Resources share price is down 3.5% to 48.2 cents. This may have been driven by profit taking from some investors after the iron miner's shares jumped on Thursday. That was driven by the release of its three-year production plan. After delivering production of 2.4Mt in FY 2025, it is now aiming to increase this to between 4.2 million and 4.8 million tonnes in FY 2026, 4.7 million and 5.3 million tonnes in FY 2027, and then 5.4 million and 6 million tonnes in FY 2028.
Metcash Ltd (ASX: MTS)
The Metcash share price is down 3% to $3.25. This has been caused by the wholesale distributor's shares going ex-dividend this morning for its latest payout. At the start of the month, Metcash released its half year results and reported a 5.9% decrease in underlying profit after tax to $126.7 million. Nevertheless, the Metcash board elected to maintain its fully franked interim dividend at 8.5 cents per share. Eligible shareholders can look forward to receiving this dividend late next month on 28 January.
Polynovo Ltd (ASX: PNV)
The Polynovo share price is down 1.5% to $1.22. This is despite the medical device company being the subject of a bullish broker note out of Morgans today. According to the note, the broker has upgraded Polynovo's shares to a buy rating with a $2.03 price target. This implies potential upside of approximately 65% for investors over the next 12 months. Its analysts said: "Following changes to its Board and with the appointment of a new CEO, we see more stability and focus returning to the PNV business."
