In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.55% to 7,193.1 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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Austal Ltd (ASX: ASB)
The Austal share price is down 4% to $1.79. This has been driven partly by the shipbuilder's shares going ex-dividend this morning for its upcoming final dividend. Eligible shareholders can look forward to receiving the company's 3 cents per share dividend next month on 20 October.
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is down over 4% to $4.12. This has also been driven by the building materials company's shares going ex-dividend this morning. Eligible Fletcher Building shareholders can expect to receive their 14.7 cents per share dividend in a few weeks on 5 October.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is down 1.5% to 62 cents. This follows the release of the department store operator's FY 2023 results. Although Myer had a solid 12 months, its performance deteriorated towards the end of the financial year. Investors appear concerned that this could be a sign that FY 2024 will be tough for Myer.
Select Harvests Ltd (ASX: SHV)
The Select Harvests share price is down 6% to $4.11. Yesterday, analysts at UBS downgraded this almond producer's shares to a neutral rating and slashed the price target on them to $4.70. UBS believes that the almond price recovery may take longer than hoped. As a result, the broker has reduced its almond price estimates and earnings forecasts accordingly.
