In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.75% to 7,429.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
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Beach Energy Ltd (ASX: BPT)
The Beach share price is down 5% to $1.42. This follows the release of a disappointing first quarter update from the energy producer this morning. According to the release, Beach's first quarter production was down 4% on the prior quarter to 5.7MMboe. This was driven largely by natural Western Flank oil decline. Also disappointing the market was Beach reporting an 8% decline in sales revenue to $388 million despite rising oil prices.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price has fallen 5% to $21.61. This follows the release of a trading update at its annual general meeting. According to the release, Flight Centre's sales reached 27% of pre-COVID levels globally during September. This is still not at a level that makes its operations breakeven, leading to a monthly net operating cash outflow of $41 million. In response, Goldman Sachs commented: "Overall, while the outlook remains positive and corporate progress is encouraging, the update remained lacklustre on leisure."
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 2.5% to $3.94. This morning the payments company revealed that class action proceedings have been filed in the Federal Court of Australia. These proceedings allege, among other things, misleading and deceptive conduct by the company. Tyro, which has yet to be served the documents, understands that these proceedings relate to the terminal connectivity incident in January.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price has tumbled 8% to $3.05. This appears to have been driven by a pullback in coal prices overnight. According to CommSec, the thermal coal price fell 3.9% to US$229.90 a tonne. In other news, this morning Morgans retained its add rating and increased its price target to $3.92.
