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Several shares on the ASX faced a challenging session amidst overall market positivity on Tuesday. The S&P/ASX 200 Index closed up on Tuesday, gaining 34.30 points or 0.45% to 7,683.50.
Here's a rundown of three ASX-listed shares that failed to ride the market's upward trend and experienced declines:
Brambles Ltd (ASX:BXB)
Brambles' shares dropped by 6% to AU$14.64 following the release of the logistics solutions company's quarterly update, which reported a sales revenue of US$4,872.3 million for the first nine months of FY 2024. While this marked a respectable 9% increase (7% in constant currency) over the prior corresponding period, investors expressed concern over the company's slowing growth rate compared to the first half of the fiscal year. Brambles also announced that it would likely miss the top end of its guidance range, adding further downward pressure on its stock.
Lifestyle Communities Ltd (ASX:LIC)
The Lifestyle Communities share price plummeted by 14% and closed at AU$12.32 on Tuesday. The company revised its settlements guidance for FY 2024 downwards due to delays in settlements, particularly in beachside and northwest Melbourne locations. The revised estimate now ranges from 290 to 310 settlements, significantly lower than the previously anticipated approximately 350 settlements. This downward revision in guidance rattled investors and led to a sharp sell-off in the company's shares.
Northern Star Resources Ltd (ASX:NST)
Northern Star's share price declined by nearly 4% to AU$14.74. The drop was primarily attributed to a retreat in the price of gold and a softer-than-expected quarterly update. Northern Star reported selling 401,000 ounces of gold at an all-in-sustaining cost (AISC) of AU$1,844 (US$1,213) per ounce for the quarter, which fell short of both the consensus estimate of 424,000 ounces and the market's forecasted AISC of AU$1,768 per ounce. These discrepancies between expectations and actual performance disappointed investors, leading to a decline in the company's stock price.
In summary, these ASX-listed companies faced downward pressure on their share prices due to a variety of factors including slower growth, revised guidance, operational challenges, and market dynamics.
