In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.2% to 6,812.9 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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Codan Limited (ASX: CDA)
The Codan share price is down 18% to $3.99. Investors have been selling this technology company's shares following the release of a trading update at its annual general meeting. That update revealed that trading conditions have been tough so far in FY 2023. As a result, its first half profits are expected to be down as much as 50% over the prior corresponding period.
Coles Group Ltd (ASX: COL)
The Coles share price is down 3% to $16.12. This has been driven by the release of a first quarter update from the supermarket giant this morning. That update revealed softer than expected sales growth during the quarter despite a 7.1% jump in inflation. Management also warned that the company is "not immune to the inflationary cost pressures."
Medibank Private Ltd (ASX: MPL)
The Medibank share price has returned from suspension and crashed over 16% to $2.93. Investors have been selling this private health insurer's shares in response to its cyber security incident. Management estimates that costs related to the incident will impact its earnings by $25 million to $35 million pre-tax. And that doesn't include any remediation, regulatory, or litigation-related costs.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 7% to $4.99. This may have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the lithium miner's shares to a sell rating with a $4.60 price target. Citi made the move on valuation grounds, believing that its shares have gone "too far, too fast."
