Why Infratil, James Hardie, Sonic Healthcare, and Star Entertainment shares are sinking today

These shares are having a tough session on Tuesday. But why?

| More on:
A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.

Image source: Getty Images

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

The S&P/ASX 200 Index (ASX: XJO) is having a subdued session and is on course to record a small decline. In afternoon trade, the benchmark index is down 0.1% to 7,856.4 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Infratil Ltd (ASX: IFT)

The Infratil share price is down 5% to $9.80. Investors have been hitting the sell button today after the New Zealand infrastructure business released its full year results. This was despite the company reporting a 63% jump in proportionate EBITDA to NZ$864 million, which was above the top end of its revised guidance range. Though, it is worth noting that a substantial portion of this EBITDA increase can be attributed to the higher ownership stake in One NZ since June 2023. After adjusting for this change, EBITDA growth stood at 15.5% in FY 2024.

James Hardie Industries plc (ASX: JHX)

The James Hardie share price is down over 11% to $48.42. This has been driven by the release of the fourth quarter and full year update from the building materials company. James Hardie achieved record fourth quarter sales of US$1,004.9 million and record full year sales of US$3,936.3 million. However, despite this strong top line performance, it appears that the company's earnings still fell short of expectations for the fourth quarter. In addition, its guidance for FY 2025 was well below the consensus estimate.

Sonic Healthcare Ltd (ASX: SHL)

The Sonic Healthcare share price is down 6% to $25.01. Investors have been selling this pathology company's shares after it downgraded its guidance for FY 2024. It now expects FY 2024 EBITDA of approximately $1.6 billion on revenues of approximately $8.9 billion. The former is short of its guidance range of $1.7 billion to $1.8 billion. Management advised that this is due to inflationary pressures on the business. This is being exacerbated by currency exchange headwinds.

Star Entertainment Group Ltd (ASX: SGR)

The Star Entertainment share price is down 8% to 49.7 cents. This has been driven by news that a rumoured suitor, Hard Rock Hotels and Casinos, has denied that it is interested in acquiring the troubled casino and resorts operator. Hard Rock wasn't happy to learn of the media speculation. It said: "Any misuse of the Hard Rock name in unauthorised business dealings is taken very seriously. We are currently investigating this matter and will pursue all necessary legal actions to protect our brand and reputation."

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sonic Healthcare. 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

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

Why ALS, Fisher & Paykel Healthcare, IPD, and Predictive Discovery shares are falling today

These shares are having a tough time on hump day. But why?

Read more »

A man looks down with fright as he falls towards the ground.
Share Fallers

Why Aspen, Healius, Nufarm, and Propel shares are falling today

These shares are having a tough session on Tuesday. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why Elders, James Hardie, Origin Energy, and SGH shares are falling today

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

Read more »

Bored man sitting at his desk with his laptop.
Share Fallers

Why Catalyst Metals, Duratec, Nufarm, and Rio Tinto shares are dropping today

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

Read more »

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.
Share Fallers

Why Dexus, Mayne Pharma, Nufarm, and Treasury Wine shares are falling today

These shares are having a tough session on Thursday. But why?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why James Hardie, Mayne Pharma, Nufarm, and Resimac shares are falling today

These shares are having a tough time on hump day. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Kogan, Monash IVF, OFX, and ResMed shares are falling today

Why are these shares taking a tumble today? Let's find out.

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why Appen, DroneShield, Gentrack, and New Hope shares are dropping today

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

Read more »