The S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain despite weakness on Wall Street overnight. In afternoon trade, the benchmark index is up 0.45% to 6,652.2 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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Aurizon Holdings Ltd (ASX: AZJ)
The Aurizon share price is down 2% to $3.75. This is despite the company revealing that the ACCC will not oppose the proposed acquisition of One Rail by Aurizon. However, the rail freight operator will have to divest One Rail's east coast business to complete the deal.
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price is down 7.5% to $3.28. This morning the food company released its FY 2023 guidance and revealed that it expects to report EBITDA of $160 million to $190 million. This will mean no growth and potentially even a decline year on year based on FY 2022's guidance of $175 million to $190 million. A note out of Bell Potter today reveals that it was forecasting EBITDA of $195 million in FY 2023.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 3% to $16.53 despite there being no news out of the travel agent. However, it is worth noting that other travel shares are also falling on Thursday. Investors may be concerned that rising inflation could impact consumer spending on travel.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 5% to 64 cents. This morning this lithium developer's shares returned from a trading halt after responding to a scathing report from J Capital. Although management said that the report "puts forth incorrect information on technical matters and inaccurate assertions on Lake Resources' progress to date," it hasn't stopped investors selling down its shares today.
