The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with an impressive gain. In late trade, the benchmark index is up 1.1% to 6,972.4 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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Chorus Ltd (ASX: CNU)
The Chorus share price is down 2% to $6.93. This has been driven by the New Zealand based telecommunications company's shares trading ex-dividend this morning. Eligible shareholders can expect to receive a 16.1 cents per share dividend next month on 11 October.
MA Financial Group Ltd (ASX: MAF)
The MA Financial share price has crashed 20% to $4.05. This was despite there being no news out of the financial company formerly known as Moelis. However, it has responded this afternoon, explaining why it thinks its shares were sold off. It commented: "We note comments made in the media about the potential outcome of the Federal Government's review into the immigration system and its visa programmes including the Significant Investor Visa (SIV)."
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 5% to $1.30. Reports that Potentia is trying to gain support for its $1.27 per share takeover offer appear to be weighing on this payments company's shares. Investors appear to have been betting on a better offer being made, but that is looking less likely based on current speculation.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is down 8% to $7.97. This is despite there being no news out of the lithium developer. However, it is worth noting that a number of lithium shares are under pressure on Monday. This could be due to profit taking after some strong gains in recent weeks.
