The S&P/ASX 200 Index (ASX: XJO) is attempting to rebound from recent market weakness on Thursday. At the time of writing, the benchmark index is up 0.2% to 7,799.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Bapcor Ltd (ASX: BAP)
The Bapcor share price is down 2% to $4.88. This has been driven by the auto parts seller's shares going ex-dividend this morning. When this happens, it means the rights to an upcoming dividend are now settled and new buyers won't be eligible to receive it on pay day. As a result, a share price will usually fall to reflect this. Last month, Bapcor released its half year results and declared a fully franked 8 cents per share interim dividend. This will be paid to eligible shareholders next month on 3 April.
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is down over 1% to $2.89. Investors have been selling this building products company's shares following a bearish broker note out of Goldman Sachs. The broker has downgraded Fletcher Building's shares to a sell rating with a $2.85 price target. Commenting on the company, the broker said: "Over the last three months, FBU's share price has increased ~15% whilst FY25/FY26 FactSet consensus EBIT has been revised 3% lower. FBU remains cyclically challenged and the re-rate appears to be looking through lags between OCR cuts and building products/materials demand."
Inghams Group Ltd (ASX: ING)
The Inghams share price is down 5.5% to $3.11. The catalyst for this decline has been the poultry producer's shares going ex-dividend this morning for its interim dividend of FY 2025. Last month, Inghams released its half year results and declared a fully franked interim dividend of 11 cents per share. Eligible shareholders can now look forward to being paid this dividend next month on 4 April.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is down 12% to $5.34. This has also been driven largely by the coal miner's shares going ex-dividend this morning for its final dividend for FY 2024. Last month, Yancoal released its full year results and declared a fully franked final dividend of $687 million or $0.52 per share. Based on its last close price, this represents a fully franked 8.6% dividend yield. In addition, a number of ASX coal stocks are falling today. This has been caused by weak Asian import data.
The post Why Bapcor, Fletcher Building, Inghams, and Yancoal shares are falling today appeared first on The Motley Fool Australia.
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.
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