The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory on Wednesday afternoon. At the time of writing, the benchmark index is up slightly to 8,490.4 points.
Four ASX shares that are acting as a drag on the market are listed below. Here's why they are falling:
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Amotiv Ltd (ASX: AOV)
The Amotiv share price is down 8.5% to $9.72. Investors have been selling this auto products company's shares following the release of its half year results. Amotiv reported a 2.3% lift in revenue to $503.7 million but a 35.8% decline in statutory net profit after tax to $33 million. The latter includes a $9.4 million impairment of the Fully Equipped New Zealand (NZ) business, as well as $1 million of other brand impairments following restructuring activities. A slightly stronger second half financial performance is expected, but investors aren't sticking around to find out if that is the case.
Dexus Industria REIT (ASX: DXI)
The Dexus Industria share price is down over 2% to $2.67. This morning, this industrial warehouse focused property company released its half year results. It reported a statutory net profit after tax of $53.7 million for the six months, which is up from a loss of $10.2 million in the prior corresponding period. Management also reiterated its FY 2025 guidance. It continues to forecast FFO per share of 17.8 cents and distributions per share of 16.4 cents. Some investors may have been looking for an upgrade to this guidance.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down over 7% to 25.5 cents. Investors have been selling this gold miner's shares after it made a couple of announcements. This includes plans to separate its Atlantic Gold Operations from the company. Management hasn't finalised the plan but advised that the separation could include a sale, vend-in, or demerger. Post-separation, St Barbara will be focused on the Simberi Gold Operations in Papua New Guinea and the development of the Simberi Sulphide Expansion Project. St Barbara paid $780 million to acquire Atlantic Gold in 2019. The combined company now has a market capitalisation of just $278 million.
Wildcat Resources Ltd (ASX: WC8)
The Wildcat Resources share price is down a further 4% to 20 cents. This lithium explorer's shares have come under significant pressure this week along with other ASX lithium stocks. This has been driven by concerns that Chinese lithium producers could be about to bring more supply to the market, which may reduce the chance of lithium prices rebounding.
