Why Bega Cheese, IAG, Northern Star, and Sandfire shares are dropping
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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decent gain. In afternoon trade, the benchmark index is up 0.3% to 7,532.2 points.
Four ASX shares that have failed to climb with the market today are listed below. Here’s why they are dropping:
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price is down 2.5% to $3.70. This morning, this diversified food company announced that its CEO, Paul van Heerwaarden, has exited the company today. While van Heerwaarden’s departure had been previously flagged, investors appear disappointed that the transition period wasn’t longer.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 1% to $4.78. This follows the release of an update on its exposure to the New Zealand storms and floods. IAG revealed that it has now received more than 15,000 claims to date across its AMI, State, NZI, and partner brands.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down almost 4% to $12.71. Investors have been selling the gold miner’s shares following a pullback in the gold price overnight. It isn’t just Northern Star that is falling today. A large number of gold miners are trading lower. This has led to the S&P/ASX All Ordinaries Gold index falling 3.4% this afternoon.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is down almost 4% to $6.22. This appears to have been driven by broad weakness in the mining sector on Friday. Not even an update on the Motheo project in Botswana has been able to stop this copper miner’s shares from sinking into the red today. Management advised that construction of the initial 3.2Mtpa project is nearing completion and production is expected to ramp up from the June quarter.
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