The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday. In afternoon trade, the benchmark index is up 0.65% to 7,438.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price is down 4.5% to $107.06. This appears to have been driven by an update from its US parent overnight. According to CNBC, the pizza giant warned that it is expecting "unprecedented" food cost increases in 2022. Domino's US is forecasting an 8% to 10% rise in its food basket costs. This is three to four times the food inflation experienced in a typical year.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 1.5% to $20.85. Investors have been selling the mining giant's shares following the release of a broker note out of Citi. According to the note, the broker has downgraded the company's shares to a sell rating with a $17.20 price target. Citi made the move largely on valuation grounds.
Medibank Private Ltd (ASX: MPL)
The Medibank share price is down 2% to $3.48. This decline could have been driven by calls for the private health insurer to give more of its COVID savings back to members. The Private Hospitals Association chief executive, Michael Roff, has questioned the transparency of how health funds returned COVID-related savings. He has called for formal government monitoring of health fund balance sheets.
Metcash Limited (ASX: MTS)
The Metcash share price is down 4% to $4.09. This is despite there being no news out of the wholesale distributor. However, investors may be concerned that Metcash could be struggling from current supply chain issues which have left many supermarket shelves bare.
