The S&P/ASX 200 Index (ASX: XJO) has fought back from a morning decline and is edging higher. In afternoon trade, the benchmark index is up slightly to 7,191 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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BlueScope Steel Limited (ASX: BSL)
The BlueScope share price is down 3% to $20.49. This has been driven by the steel producer's shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving the company's fully franked final dividend of 25 cents per share on 17 October.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 5% to 28 cents. Investors have been selling down this struggling semiconductor company's shares over the last 12 months amid a lack of revenue generation and a huge cash burn. In addition, speculators appear disappointed that there was no sign of Brainchip's technology being used in the new Mercedes concept cars at this month's IAA Mobility motor show.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down 4% to $19.22. This also appears to have been driven partly by the fashion jewellery retailer's shares going ex-dividend this morning. Eligible shareholders can look forward to being paid a 31 cents per share final dividend next month on 19 October. A fall in consumer sentiment could also be weighing on its shares.
Viva Energy Group Ltd (ASX: VEA)
The Viva Energy share price is down 7% to $2.93. Investors have been hitting the sell button today amid rumours that a major shareholder is offloading a large portion of its stake. Energy and commodities trading giant Vitol is believed to be planning to sell $500 million of its ~$2 billion holding.
