CRN, HLS and SIQ: Three ASX Shares Struggle Despite Market's Positive Momentum

2 min read | September 06, 2024 03:20 PM AEST | By Team Kalkine Media

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CRN, HLS and SIQ: Three ASX Shares Struggle Despite Market's Positive Momentum — Image source: © Poringdown | Megapixl.com

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As the S&P/ASX 200 Index edges up 0.55% to 8,025.6 points on Friday, signalling a positive end to the week, several ASX shares have failed to follow the upward trend and are ending the week in the red. Below are three notable stocks that have been underperforming:

Coronado Global Resources Inc (ASX:CRN)

Coronado Global Resources' share price has declined by 2% to 90.2 cents. The coal miner's troubles stem from a recent downgrade in its FY 2024 guidance. The company has faced significant operational disruptions due to mechanical issues with the overland conveyor and excessive rainfall at the Curragh Complex. The rainfall levels have exceeded three times the 10-year monthly average, impacting production and costs. The revised guidance now estimates saleable production at 15.4 million tonnes (MMt) to 16MMt, down from the previous forecast of 16.4MMt to 17.2MMt. Additionally, the average mining cost per tonne is expected to rise to AU$105 to AU$110, up from the earlier guidance of AU$95 to AU$99 per tonne.

Healius Ltd (ASX:HLS)

Healius Ltd’s share price has fallen by 4.5% to AU$1.62. This decline follows a negative broker note from Ord Minnett, which reaffirmed a "sell" rating and a price target of AU$1.37 for the healthcare company's shares. Ord Minnett's report suggests that Healius shares are overvalued, especially after their recent strong performance since May. The broker attributes this overvaluation to the underwhelming performance of Healius' pathology business, which has failed to meet expectations.

Smartgroup Corporation Ltd (ASX:SIQ)

Smartgroup Corporation's share price has decreased by nearly 4% to AU$8.52. The decline is attributed to the company going ex-dividend this morning. Smartgroup’s interim dividend of 17.5 cents per share, declared in its half-year results last month, has triggered the share price drop. Investors who are not on the register as of the ex-dividend date will miss out on this payment, which is scheduled to be distributed on 23 September.

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