The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Tuesday and is trading marginally higher ahead of the RBA meeting. At the time of writing, the benchmark index is up a fraction to 8,588.9 points.
Four ASX shares that are acting as a drag on the market today are listed below. Here's why they are falling:
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New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is down 5.5% to $5.00. Investors have been selling this coal miner's shares following the release of its half-year results. New Hope posted a 20.1% decline in revenue to $814.4 million and an 84% decline in net profit after tax to $54.3 million. This was driven by a 20.4% decline in its average realised selling price, its exposure to increased prime overburden movement, and lower non-regular gains. In light of New Hope's falling profits, the company slashed its fully franked interim dividend to 10 cents per share (from 19 cents per share a year ago).
Pepper Money Ltd (ASX: PPM)
The Pepper Money share price is down 10% to $1.90. This follows an announcement from Challenger Ltd (ASX: CGF) relating to its takeover approach. The annuities company revealed that it has amended its takeover offer and reduced the offer price from $2.60 per share to $2.25 per share. This is less the final fully franked Pepper Money 2025 dividend of 7.8 cents per share and any special dividend. Challenger notes that the revised proposal represents its best and final offer, in the absence of a superior proposal. Pepper Money's independent board committee advised that it will consider the revised proposal.
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price is down 3% to $127.50. This is despite there being no news out of the health imaging technology company. However, it seems that AI disruption concerns are continuing to weigh heavily on the tech sector on Tuesday. This has seen the S&P/ASX All Technology Index underperform with a 1.3% decline this afternoon.
Reece Ltd (ASX: REH)
The Reece share price is down over 2.5% to $14.11. The catalyst for this has been the plumbing parts company's shares going ex-dividend today for its latest payout. Last month, Reece released its half-year results and declared a fully franked 5.4 cents per share dividend. This will be paid to eligible shareholders next month on 1 April.
