The S&P/ASX 200 Index (ASX: XJO) is having a positive session on Wednesday. In afternoon trade, the benchmark index is up 0.15% to 8,670.3 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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ASX Ltd (ASX: ASX)
The ASX share price is down a further 7.5% to $47.16. Investors have been selling the stock exchange operator's shares this week following the release of guidance for FY 2027. Management revealed that FY 2027 total expense growth is expected to be between 18% and 21%. It advised: "This is primarily driven by technology modernisation, the expanded Accelerate Program as part of our response to the ASIC Inquiry and investments to support customer-driven growth." ASX has also increased its capex guidance for FY 2027. It now expects capex of $180 million to $200 million (from $160 million to $180 million). It then expects further capex of $170 million to $190 million in FY 2028.
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is down 1% to $162.70. This is despite there being no news out of Australia's largest bank on Wednesday. However, it is worth noting that all of the big four banks are trading lower today. It is possible that some large investors are rotating funds out of the banks and into other areas of the market.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 4% to $2.95. This follows the release of the drinks giant's strategy update this morning. Although the Dan Murphy's and BWS owner has a bold new strategy in place, which includes cost savings of $300 million, it has announced a reduction in its dividend payout ratio to conserve cash.
Tuas Ltd (ASX: TUA)
The Tuas share price is down a further 2% to $2.12. This Singapore-based telco's shares have been under significant pressure since it terminated its proposed acquisition of M1 Limited. The company made the move after authorities suspended the review of the deal in response to news that Tuas' Simba business may have used spectrum it did not own. It said: "Simba continues to co-operate with the investigation being undertaken by the Infocomm Media Development Authority into potential breaches of the Telecommunications Act and the conditions of Simba's Facilities-Based Operator Licence. Tuas will keep shareholders updated in relation to that investigation."
