In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the release of US markets and is storming higher. At the time of writing, the benchmark index is up 0.75% to 7,170.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Coles Group Ltd (ASX: COL)
The Coles share price has fallen 3% to $17.05. This has been driven largely by the supermarket giant's shares trading ex-dividend this morning for its latest distribution. Coles is paying an interim fully franked dividend of 33 cents per share to eligible shareholders at the end of the month on 31 March.
Dusk Group Ltd (ASX: DSK)
The Dusk share price is down 1.5% to $2.62. This morning the specialist retailer announced that its proposed acquisition of Eroma has been terminated. In December, Dusk signed an agreement to acquire the candle making inputs and fragrance oils supplier for $28 million. No explanation was given for the termination of the deal other than it not meeting "certain conditions."
Monadelphous Group Limited (ASX: MND)
The Monadelphous share price is down 5% to $11.32. The majority of this decline relates to the engineering company's shares trading ex-dividend this morning. Eligible Monadelphous shareholders can now look forward to receiving its fully franked 24 cents per share interim dividend later this month on 25 March.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 2.5% to $1.90. This buy now pay later provider's shares have come under pressure again on Thursday after being the subject of a bearish broker note out of UBS. According to the note, the broker has downgraded Zip's shares to a sell rating and slashed their price target by 80% to just $1.00.
