The S&P/ASX 200 Index (ASX: XJO) is bouncing back on Tuesday. In afternoon trade, the benchmark index is up 0.75% to 7,017.1 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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Bravura Solutions Ltd (ASX: BVS)
The Bravura share price is down 9% to $1.46. Investors have been selling this financial technology company's shares after its full year results disappointed. Although Bravura's revenue rose 10% to $266.7 million, its net profit after tax was down 14% to $30 million. Management highlighted that its operations suffered "unprecedented macroeconomic challenges caused by the COVID-19 pandemic."
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down 4% to 58.2 cents. Investors appear disappointed that this infant formula company only managed to deliver an underlying EBITDA profit of $4.8 million from a 123% increase in revenue to $104.2 million in FY 2022. Bubs also recorded a loss before tax of $11.3 million for the year.
Grange Resources Limited (ASX: GRR)
The Grange share price has continued its slide and is down a further 11% to 87 cents. Investors have been selling this iron ore pellet miner's shares this week following the release of its half year results. Grange revealed a half year profit of $132.2 million, which is down almost 36% from $205.3 million a year earlier.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is down 4.5% to $4.51. This follows the release of the copper miner's full year results for FY 2022. This morning Sandfire reported record sales revenue of $922.7 million but scrapped its final dividend. Management advised that it will instead focus on repaying debt and pushing forward with its growth strategy.
