The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a solid gain. In afternoon trade, the benchmark index is up 0.5% to 7,346.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price is down 3.5% to $4.90. The majority of this decline is attributable to the retail giant's shares going ex-dividend this morning. Eligible shareholders can now look forward to being paid Harvey Norman's fully franked 15 cents per share final dividend next month on 15 November.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price has fallen 3% to $4.92. Investors have been selling the insurance giant's shares after it revealed that ASIC has launched civil proceedings against it in the Federal Court. The corporate regulator is alleging that the company misled customers by applying discounts while simultaneously upping premiums. It is alleged that NRMA customers missed out on more than $60 million worth of discounts.
Pendal Group Ltd (ASX: PDL)
The Pendal share price has tumbled almost 13% to $6.75 following the release of its funds under management (FUM) update for the September quarter. Although Pendal reported strong growth in its FUM, this was largely due to an acquisition. Excluding this, Pendal actually reported net fund outflows of $2.3 billion during the three months.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down 5% to $11.67 after the release of a first quarter trading update at its annual general meeting. The wine giant revealed that its performance during the quarter was softer than it was expecting. Management advised: "As we exit the first quarter of fiscal 22, the recovery of key luxury channels impacted by the pandemic are slightly behind the expectations we had at the beginning of the year."
