The S&P/ASX 200 Index (ASX: XJO) has returned to form on Tuesday. At the time of writing, the benchmark index is up a sizeable 0.55% to 8,618 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Cromwell Property Group (ASX: CMW)
The Cromwell Property Group share price is down 2.5% to 36.5 cents. This follows the release of an update on the Barton development project. According to the release, the anticipated total cost of the development is $201 million. This includes land, construction costs, fees, finance costs, and a tenant incentive, which it notes is commensurate with the market and to be taken in instalments during the delivery of the project. The projected yield on cost for the development is expected to be greater than 6.3%.
Metcash Ltd (ASX: MTS)
The Metcash share price is down almost 3% to $3.91. This has been driven by the wholesale distributor's shares going ex-dividend this morning. Last month, Metcash released its full year results and reported a 10.1% increase in statutory profit after tax to $283.3 million. This allowed the company's board to declare a fully franked final dividend of 9.5 cents per share. Eligible shareholders can now look forward to receiving this payout late next month on 27 August.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 2.5% to $1.61. Investors have been selling this lithium miner's shares despite there being no news out of it. However, it is worth noting that its shares have been on fire in recent weeks, so this could mean that some investors are taking a bit of profit off the table today. Despite today's decline, Pilbara Minerals shares are still up 23% since this time last month. Though, they remain down a disappointing 46% over the past 12 months due to weak lithium prices.
Tyro Payments Ltd (ASX: TYR)
The Tyro Payments share price is down 5% to 87.2 cents. This may have been driven by news that the RBA is looking to scrap card surcharges. This morning, the central bank noted that it has reached the preliminary view that it would be in the public interest to "remove surcharging on eftpos, Mastercard and Visa cards." It then highlights: "Removing surcharging would make card payments simpler, more transparent and help to increase competition in the card payments system."
The post Why Cromwell Property, Metcash, Pilbara Minerals, and Tyro shares are falling today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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