Here’s why Nick Scali Limited (ASX:NCK) and Zip Co Ltd (ASX:Z1P) shares are two of four tumbling lower on the ASX on Monday…
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The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. In early afternoon trade the benchmark index is up 1.55% to 6,814.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
Audio Pixels Holdings Ltd (ASX: AKP)
The Audio Pixels share price is down 2% to $28.21 after providing an update on its digital speaker development. According to the release, due to logistical complications, the delivery of chips for its speakers has been delayed until this week. They were previously expected by the end of February. For the last 15 years, Audio Pixels has been developing a new generation of speakers that it believes will exceed the performance specifications and design demands of the world’s top consumer electronics manufacturers.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price has fallen 5.5% to $9.62. The majority of this decline is attributable to the furniture retailer’s shares trading ex-dividend this morning for its interim dividend. Nick Scali shareholders can now look forward to receiving the 40 cents per share fully franked dividend in their nominated accounts on 30 March.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price us down 5% to $6.38. As with Nick Scali, Smartgroup’s decline is attributable to the company’s shares trading ex-dividend this morning. The salary packaging and fleet management company’s shareholders will be paid its final fully franked dividend of 32 cents per share in a couple of weeks on 23 March.
Zip Co Ltd (ASX: Z1P)
The Zip share price has dropped 4% to $9.20. This is despite many tech shares rebounding today following a positive end to the week on the tech-heavy Nasdaq index. Today’s decline could be a delayed reaction to a note out of Macquarie on Friday. According to the note, its analysts have put a sell rating and $5.70 price target on Zip’s shares. They have concerns that increasing competition could weigh heavily on its QuadPay margins.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has recommended SMARTGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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