Why Australian Clinical Labs, Meridian, MyState, and Sigma shares are falling today

These ASX shares are ending the week in the red. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing, the benchmark index is up 1.1% to 7,457 points.

Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are dropping:

Australian Clinical Labs Ltd (ASX: ACL)

The Australian Clinical Labs share price is down 2% to $2.86. This morning, the ACCC revealed that it opposes the company's proposed merger with Healius Ltd (ASX: HLS). In response to the news, Australian Clinical Labs revealed that it intends to withdraw its takeover offer and cancel the extraordinary general meeting.

Meridian Energy Ltd (ASX: MEZ)

The Meridian Energy share price is down 3% to $4.85. This is despite the release of the energy company's latest monthly update, which revealed retail sales volumes in November that were 3.2% higher than the same period last year. It's possible that investors are ignoring this and simply moving funds out of risk-off assets given improving sentiment.

MyState Limited (ASX: MYS)

The MyState share price is down over 5% to $2.98. This has been driven by the release of a trading update from the bank. MyState revealed that it has taken the decision to temper its FY 2024 lending growth in response to the economic and competitive environment. As a result, it now forecasts lending growth in line with system, rather than 2 times system. It expects this to result in earnings per share falling 7.5% to 12.5% in FY 2024.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price is down 4.5% to 99.7 cents. Investors may be taking profit today after some very strong gains this week in response to its plan to merge with Chemist Warehouse. The Sigma share price remains up 35% this week despite today's weakness.

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