Why Brickworks, Flight Centre, Heartland, and Spartan Resources are falling today

These ASX shares are under pressure on Tuesday. But why?

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.5% to 7,825.6 points.

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

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.

Image source: Getty Images

Brickworks Limited (ASX: BKW)

The Brickworks share price is down over 2% to $27.02. This has been driven largely by the building products company's shares going ex-dividend this morning for its upcoming interim dividend. Last month, the company released its half-year results and declared a fully franked interim dividend of 24 cents per share. This was up 4% on the prior corresponding period, representing its 10th annual increase in a row. Brickworks shareholders can look forward to receiving this dividend at the very start of next month on 1 May.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 2% to $21.20. This appears to have been caused by a bearish broker note out of Goldman Sachs this morning. According to the note, its analysts have downgraded the travel agent's shares to a sell rating with a trimmed price target of $18.30. This implies potential downside of approximately 14% for investors from current levels. Goldman Sachs warned that "moderating corporate travel and intensifying SME competition could lead to margin disappointment."

Heartland Group Holdings Ltd (ASX: HGH)

The Heartland share price is down 5% to $1.06. This morning, this New Zealand based financial services company successfully completed the institutional component of a capital raising. Its placement and institutional entitlement offer raised gross proceeds of approximately NZ$131 million thanks to strong support from existing institutional shareholders and new institutional investors. It notes that eligible institutional shareholders elected to take up 98% of their entitlements. Heartland will now push ahead with its retail entitlement offer.

Spartan Resources Ltd (ASX: SPR)

The Spartan Resources share price is down over 10% to 60 cents. This follows the release of drilling results from the gold explorer's 100%-owned Dalgaranga Gold Project in the Murchison region of Western Australia. The assays include significant intercepts from exploration and resource extension drilling at the high-grade Never Never Gold Deposit, West Winds Gold Prospect, and the Sly Fox Gold Deposit. However, it seems that some investors were pricing in even stronger grades from the Never Never Gold Deposit. Nevertheless, Spartan's Chief Executive Officer, Simon Lawson, was "absolutely delighted to see a plus-20-metre down-hole intercept of typical Never Never-style mineralisation with visible gold logged in two areas."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Brickworks and Goldman Sachs Group. The Motley Fool Australia has positions in and has recommended Brickworks. The Motley Fool Australia has recommended Flight Centre Travel Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

a group of business people sit dejectedly around a table, each expressing desolation, sadness and disappointment by holding their head in their hands, casting their gazes down and looking very glum.
Share Fallers

DroneShield shares tumble 17% as CEO exit revives leadership fears

Investors bank gains as DroneShield leadership reset unsettles sentiment...

Read more »

A young man clasps his hand to his head with a pained expression on his face and a laptop in front of him.
Share Fallers

Why Challenger, Lotus Resources, Mesoblast, and Wildcat shares are falling today

These shares are starting the week in the red. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why KMD, Tamboran Resources, Whitehaven Coal, and WiseTech Global shares are falling today

These shares are out of form on Thursday. What's going on?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Dateline, Karoon Energy, Lindian, and PEXA shares are falling today

These shares are missing out on the good times on Wednesday. But why?

Read more »

A man slumps crankily over his morning coffee as it pours with rain outside.
Share Fallers

These were the worst-performing ASX 200 shares in March

These shares were out of form in March. Let's see why investors sold them off.

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why 4DMedical, New Hope, Santos, and St George Mining shares are dropping today

These shares are under pressure on Tuesday. But why?

Read more »

A woman is excited as she reads the latest rumour on her phone.
Share Fallers

These 3 dirt-cheap ASX shares are tipped to climb another 50-90%

These shares are now trading at super low prices.

Read more »

Shot of a young businesswoman looking stressed out while working in an office.
Share Fallers

Why 4DMedical, Brainchip, Catapult, and Star Entertainment shares are falling today

These shares are starting the week in the red. But why>

Read more »