The S&P/ASX 200 Index (ASX: XJO) is edging higher on Monday. In afternoon trade, the benchmark index is up 0.1% to 7,649.5 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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Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down 7% to $2.90. This follows the release of the infection prevention company's half-year results. Nanosonics reported a 2% decline in revenue to $79,638 million and a 41% decline in net profit after tax to $6,168 million. Soft sales and notably higher expenses weighed on the company's profits.
NIB Holdings Limited (ASX: NHF)
The NIB share price is down 3% to $7.94. Investors have been selling this private health insurer's shares following the release of its half-year results. Although NIB reported a 19.4% increase in net profit after tax to $104 million, its result was boosted by reserve movements and described as "weak" by analysts at Goldman Sachs.
Santos Ltd (ASX: STO)
The Santos share price is down 4.5% to $7.09. This has been driven by the energy producer's shares going ex-dividend this morning for its final dividend of FY 2023. Eligible shareholders can now look forward to receiving Santos' 26.8 cents per share unfranked dividend next month on 27 March.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is down 8% to $4.93. Investors have been selling the telco's shares following the release of its full-year results. TPG reported a 4.3% increase in revenue to $4,632 million but a 9.6% decline in adjusted net profit after tax to $584 million. In addition, management's guidance for FY 2024 has fallen short of expectations.
