In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a gain. At the time of writing, the benchmark index is up 0.2% to 7,577.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
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Accent Group Ltd (ASX: AX1)
The Accent share price is down almost 7% to $2.61. This decline has been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the footwear retailer's shares to a sell rating and cut the price target on them by 19% to $2.50. Citi has a number of concerns such as lockdowns and potential supply chain issues. It notes that Adidas' production has been impacted by lockdowns in Vietnam.
Bluebet Holdings Ltd (ASX: BBT)
The Bluebet share price is down 3% to $2.00 despite there being no news out of the sports betting company. However, with its shares shooting higher this week following a positive US development, this decline could be due to profit taking.
Insurance Australia Group Ltd (ASX: IAG)
The Insurance share price has fallen 2.5% to $5.14. Investors have been selling the insurance giant's shares following the release of a mixed full year result. IAG reported a 3.8% increase in gross written premium to $12,135 million but a net loss after tax of $427 million. The latter was driven by a range of one-offs. Excluding these one-offs, its cash earnings rose 170% to $747 million.
Megaport Ltd (ASX: MP1)
The Megaport share price has sunk 7% to $16.68. This decline is likely to have been driven by a broker note out of Ord Minnett. According to the note, the broker has downgraded the network as a service provider's shares to a sell rating and cut the price target on them to $15.00. The broker made the move on the belief that Megaport may need to continue to invest for longer than previously expected to drive its growth.
