In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,259.4 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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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 3% to 51.5 cents. Investors have continued to sell this semiconductor company's shares after it reported just US$250k of revenue during the second half of FY 2022. Brainchip remains one of the most shorted shares on the Australian share market. It appears that the smart money believes this the company is all hype and no substance.
Coles Group Ltd (ASX: COL)
The Coles share price is down over 3% to $17.40. The catalyst for this has been the supermarket giant's shares trading ex-dividend this morning for its upcoming interim dividend. Eligible shareholders can now look forward to receiving this fully franked 36 cents per share dividend at the end of the month on 30 March.
Karoon Energy Ltd (ASX: KAR)
The Karoon Energy share price is down 5% to $2.12. This has been driven by news that the energy producer has been hit with a new tax in Brazil. It revealed that the Brazilian government is putting a 9.2% tax on oil exports for the next four months. Karoon Energy estimates that it will result in a potential payment of US$22 million to US$35 million.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 4% to $4.04. As with Coles, this has been caused by the lithium miner's shares going ex-dividend. Last month, Pilbara Minerals declared its maiden 11 cents per share fully franked interim dividend. This will be paid to eligible shareholders later this month on 24 March.
