It has been a very volatile day for the S&P/ASX 200 Index (ASX: XJO) on Tuesday. However, in afternoon trade, things are looking positive and the index is up 0.2% to 7,294.8points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are trading lower:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down almost 2% to $5.72. This may have been driven by a broker note out of Citi. Its analysts note that UK consumer goods company Reckitt has agreed to sell its China-based infant formula company. It believes this could be a sign that success in China will be increasingly challenging for foreign formula brands. The broker believes a2 Milk should be looking to diversify away from the market. Citi has a sell rating and $5.85 price target on the company's shares.
ASX Ltd (ASX: ASX)
The ASX share price is down 1.5% to $74.23. Today's decline appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has downgraded this stock exchange operator's shares to a reduce rating with a $65.87 price target. Morgans was reasonably underwhelmed with the company's latest monthly update.
Galaxy Resources Limited (ASX: GXY)
The Galaxy share price is down 4% to $3.84. With no news out of the lithium miner, this decline may have been driven by profit taking from investors. After all, the Galaxy share price is up 67% since the start of the year even after taking today's decline into the equation.
Imugene Limited (ASX: IMU)
The Imugene share price is down 16% to 31 cents. This is despite there being no news out of the immuno-oncology focused biopharmaceutical company. Imugene's shares are now down by over a third since hitting a record high late last month. Despite these declines, the pre-revenue company still has a market capitalisation of ~$1.5 billion.
