In afternoon trade on Tuesday the S&P/ASX 200 Index (ASX: XJO) is pushing higher again despite a selloff in the tech sector. At the time of writing, the benchmark index is up 0.35% to 6,763.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
Adairs Ltd (ASX: ADH)
The Adairs share price is down 8% to $3.50. A good portion of this decline is attributable to the homewares retailer's shares trading ex-dividend this morning for its fully franked interim dividend of 13 cents per share. This dividend will be paid to eligible shareholders in a couple of weeks on 25 March.
Afterpay Ltd (ASX: APT)
The Afterpay share price has sunk 7.5% to $102.80. Investors have been selling Afterpay and other tech shares on Tuesday following another poor night of trade on the tech-heavy Nasdaq index. This has been driven by concerns over rising bond yields. The declines have been so heavy that the S&P/ASX All Technology Index (ASX: XTX) is down a sizeable 2.8% at the time of writing.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price crashed 10% lower to $4.32 before being hurriedly placed into a trading halt. No details have been provided for the halt as of yet, but it could be related to its exposure to the Greensill collapse. Reports in the Financial Times claim that John Hempton raised concerns to APRA about the level of insurance extended to Greensill by IAG.
Livetiles Ltd (ASX: LVT)
The Livetiles share price has fallen over 4% to 22.5 cents. This appears to have been driven by weakness in the tech sector and a broker note out of Citi this morning. Although the broker has a neutral rating and 28 cents price target on its shares, it has warned that another capital raising is likely to be required in the near future due to its cash burn.
