Why Accent, Adbri, Harvey Norman, and Pointsbet shares are sinking

It has been a very bad day for these ASX shares on Tuesday…

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A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash

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The S&P/ASX 200 Index (ASX: XJO) has returned to form on Tuesday and is pushing higher. In afternoon trade, the benchmark index is up 0.5% to 7,258.5 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is down over 5% to $2.17. This has been driven by the footwear and fashion retailer's shares trading ex-dividend this morning for its upcoming interim dividend. Eligible shareholders can now look forward to receiving this 12 cents per share fully franked dividend next month on 9 March.

Adbri Ltd (ASX: ABC)

The Adbri share price is down 8% to $1.69. Investors have been selling the building materials company's shares following the release of its full-year results. Adbri reported an 8.4% increase in revenue to $1.7 billion but a 31% decline in its net profit to $77.7 million. In light of this decline and its capex requirements, the company scrapped its final dividend to conserve cash.

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price is down 11% to $3.69. This has been driven by the release of the retail giant's half-year results. Harvey Norman reported flat revenue, a 14.5% decline underlying profit after tax to $291.09 million, and a 35% cut to its interim dividend to 13 cents per share. The market was expecting a profit of $323 million and an 18 cents per share dividend.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price has crashed 24% to $1.10. Investors have been heading to the exits after the sports betting company released its half-year results. Pointsbet reported decent top line growth but still reported a $178 million loss for the half. This was partly driven by surprisingly poor earnings from the Australia business, which missed consensus estimates.

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 Harvey Norman and PointsBet. The Motley Fool Australia has positions in and has recommended Harvey Norman. The Motley Fool Australia has recommended Accent Group and PointsBet. 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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