The S&P/ASX 200 Index (ASX: XJO) is back on form and racing higher on Monday afternoon. At the time of writing, the benchmark index is up 1.45% to 6,770.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
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Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 6% to $22.64. Today's decline has been driven by the the iron ore giant's shares trading ex-dividend this morning for its fully franked interim dividend of $1.47 per share. When a share goes ex-dividend, it trades without the rights to an upcoming dividend. In light of this, a share will tend to drop to reflect this. Eligible shareholders can look forward to receiving this dividend on 24 March.
Genworth Mortgage Insurance Australia Ltd (ASX: GMA)
The Genworth share price has sunk 7% to $2.39. This morning the company revealed that major shareholder Genworth Financial has entered into an agreement to sell its ~52% stake in the company. If the sales agreement completes successfully, Genworth Financial will no longer own any shares in Genworth Mortgage Insurance Australia.
Limeade Inc (ASX: LME)
The Limeade share price has crashed 32% lower to $1.01. This appears to be a delayed response to the company's full year results release on Friday. Investors appear very disappointed with the employee experience software company's guidance for FY 2021. Management expects revenue of US$50 million to US$53 million. This is a decline on FY 2020's revenue of US$56.6 million.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 2.5% to $9.96. Investors have been selling this gold miner's shares following a pullback in the gold price on Friday. On Friday night, the spot gold price sank 2.6% to US$1,728.80 an ounce. Rising US bond yields and a strengthening US dollar sent the precious metal to an eight-month low.
