In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a solid note. At the time of writing, the benchmark index is up 0.35% to 7,385.1 points
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are under pressure:
Challenger Ltd (ASX: CGF)
The Challenger share price is down 2.5% to $5.41. This morning analysts at UBS downgraded the annuities company's shares to a neutral rating and cut the price target on them to $5.80 from $7.00. The broker made the move in response to its investor day update yesterday. It notes that management has downgraded its long term return on equity target again.
Commonwealth Bank of Australia (ASX: CBA)
The Commonwealth Bank share price is down almost 2% to $104.13. This decline appears to have been driven by investors switching out of value stocks and into growth stocks again. All of the big four banks are trading lower today, whereas the tech sector is surging notably higher and responsible for the majority of the market's gains.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price has fallen 3% to $25.99. Investors have been selling Newcrest and other gold miners today after a sharp pullback in the price of the precious metal. The spot gold price has come under significant pressure after the US Federal Reserve brought forward its rate hike plans. This has led to the S&P/ASX All Ordinaries Gold index trading 1.1% lower this afternoon.
Santos Ltd (ASX: STO)
The Santos share price has dropped 3.5% to $7.33. This decline has been driven by weakness in oil prices overnight. Oil and other commodity prices came under pressure after the US dollar strengthened notably. Oil prices had hit multi-year highs earlier in the week.
