In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a gain. At the time of writing, the benchmark index is up 0.2% to 7,377.8 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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AMA Group Ltd (ASX: AMA)
The AMA share price is down over 30% to 17 cents. This follows the release of a very disappointing update from the smash repair company. AMA has downgraded its FY 2023 normalised EBITDA guidance to between $60 million and $68 million from $70 million to $90 million. This was driven by ongoing margin compression. Together with its significant debt load, investors appear concerned about its future.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down 9% to $5.27. This has been driven by the coal miner's shares going ex-dividend this morning for its interim and special dividends. Last month, thanks to strong coal prices, the company released its half-year results and declared a 30 cents per share interim dividend (up 76% year over year) and a special 10 cents per share dividend. These will be paid to eligible shareholders at the start of next month.
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is down 12% to $2.13. Investors have been selling this gold miner's shares following the release of its quarterly update. Regis delivered gold production of 103,728 ounces during the quarter, which was well short of expectations. This has led to the company revising its full-year production guidance lower.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 5% to 61.2 cents. This morning, this gold miner returned from a suspension and revealed that it has agreed to sell its Leonora assets to Genesis Minerals Ltd (ASX: GMD). The release notes that the acquisition of St Barbara's Leonora assets will position Genesis as a gold industry leader with a dominant position in Western Australia's world-class Leonora District.
