Why Brickworks, Judo Capital, Kelsian, and Myer shares are falling today

MotleyFool
03-20

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.95% to 7,903.3 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Brickworks Ltd (ASX: BKW)

The Brickworks share price is down 1% to $23.55. This follows the release of the building products company's half year results this morning. Brickworks reported a 6% decline in total revenue to $516 million but a 472% jump in underlying EBITDA to $148 million. The latter was driven by its Property business, which swung from an EBITDA loss of $178 million to a profit of $38 million. However, excluding revaluations in the prior period, Property EBITDA was down 32% for the half. Looking ahead, management warned that its outlook was challenging for both Building Products Australia and North America.

Judo Capital Holdings Ltd (ASX: JDO)

The Judo Capital share price is down 7.5% to $1.72. This is despite there being no news out of the small business lender today. However, prior to today, Judo Capital's shares were up almost 50% over the past 12 months. This could mean that some investors have decided to take profit during today's session.

Kelsian Group Ltd (ASX: KLS)

The Kelsian share price is down almost 2% to $2.82. This has been driven by the travel and transport company's shares going ex-dividend for its latest dividend this morning. Last month, Kelsian released its half year results and reported a 9.1% increase in revenue to $1,071.8 million but a 7.9% decline in underling net profit after tax and before amortisation to $39.7 million. However, despite the profit decline, the company's board elected to keep its fully franked interim dividend on hold at 8 cents per share. This will be paid to eligible shareholders next month on 23 April.

Myer Holdings Ltd (ASX: MYR)

The Myer share price is down 6% to 70.5 cents. Investors have been selling the department store operator's shares since the release of its half year results this week. Myer revealed a modest 0.1% increase in total sales to $1,830.9 million and an 18.5% decline in underlying net profit after tax to $42.4 million. Management also revealed that trading conditions have remained challenging in the second half due to the tough macroeconomic environment. This has led to Myer reporting a 2.6% decline in sales for first five weeks of the second half.

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