Why Genetic Signatures, Retail Food Group, Smartpay, and St Barbara shares are tumbling today

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

| More on:
A man holds his head in his hands, despairing at the bad result he's reading on his computer.

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

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 0.75% to 7,784.4 points.

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

Genetic Signatures Ltd (ASX: GSS)

The Genetic Signatures share price is down 10% to 65.5 cents. This morning, this global molecular diagnostics company announced that it is concluding the development of the EasyScreen Essentials Respiratory Detection Kit for the US market. The company made the decision based on an internal assessment of the commercial landscape. CEO Neil Gunn said: "While it is disappointing to conclude the development of a key product at this late stage, we are very mindful that any investment we make in new products must continue to be aligned with a compelling commercial opportunity."

Retail Food Group Ltd (ASX: RFG)

The Retail Food Group share price is down almost 3% to 6.8 cents. The quick service restaurant operator released an investor update this morning and revealed that retailing macroeconomic conditions remain weak. As a result, sales are flat year to date in FY 2024. The good news is that management expects "improvement in market conditions in FY25 as tax cuts, growth in real wages and population, and the potential for rate cuts are expected to allow some consumers to ditch frugality."

Smartpay Holdings Ltd (ASX: SMP)

The Smartpay Holdings share price is down 2.5% to $1.19. This follows the release of the New Zealand based payments company's full year results. Smartpay reported a 24% increase in revenue to NZ$96.5 million and a 29% jump in normalised profit before tax to NZ$9.8 million. It seems that some investors were expecting an even stronger performance from the company in FY 2024.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down 17% to 23.2 cents. Investors have been hitting the sell button today after the gold miner released an update on its guidance for FY 2024. According to the release, the company's Simberi's gold operation has underperformed materially during the fourth quarter. This has been caused by the important Sorowar ore zone not being accessible until the next quarter, which has resulted in lower ore grades. As a result, full year production and cost guidance for FY 2024 is revised to 52,000 to 56,000 ounces (previously 60,000 to 70,000 ounces) at an all-In sustaining cost of A$3,700 to A$3,900 per ounce (previously A$3,200 to A$3,400).

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 no position in any of the stocks mentioned. 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 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 Dateline, DroneShield, Ora Banda, and Pilbara Minerals shares are dropping today

These shares are ending 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 Qantas, Resimac, Tyro, and Soul Patts shares are falling today

These shares are having a tough session today. But why?

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why Betr, Evolution, NIB, and West African Resources shares are falling today

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

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Elders, IDP Education, Life360, and Pilbara Minerals shares are falling today

Let's see why investors are selling these shares.

Read more »

a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.
Share Fallers

The 5 worst performing ASX 200 shares in May unmasked

These five ASX 200 shares got smashed in May. But why?

Read more »

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

Why Brazilian Rare Earths, Mineral Resources, Pilbara Minerals, and Syrah shares are falling

Why are these shares starting the week in the red?

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 Brainchip, Findi, Lottery Corp, and REA shares are falling today

These shares are ending 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 ALS, Black Cat, Boss Energy, and Soul Patts shares are falling today

These shares are falling on Thursday. Let's find out why.

Read more »