Why BHP, Brickworks, National Storage, and Nine shares are falling today

The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Thursday. At the time of writing, the benchmark index is up 0.55% to 8,030.9 points.

Four ASX shares that are failing to rise with the market today are listed below. Here's why they are falling:

BHP Group Ltd (ASX: BHP)

The BHP Group share price is down almost 2% to $38.66. This has been driven by the mining giant's shares going ex-dividend on Thursday. Last month, the Big Australian released its full year results and declared a final dividend of 74 US cents per share. This equates to A$1.09 per share in local currency, which represented a 2.8% dividend yield based on yesterday's close price. So, if you were to take the dividend out of the equation, BHP's shares would actually be higher today. Eligible shareholders can now look forward to receiving this dividend at the start of next month on 3 October.

Brickworks Limited (ASX: BKW)

The Brickworks share price is down almost 2% to $25.60. This morning, this building product company announced a couple of sizeable non-cash impairment charges that will impact its FY 2024 results. Combined, Brickworks will recognise a total non-cash impairment charge of $172.4 million (pre-tax) or $123.5 million (post-tax) in its results later this month. These relate to its Austral Masonry and Brickworks North America businesses. Management notes that this reflects an accelerated deterioration in multi-residential building activity in the second half of FY 2024 in Australia, and the weakening of the short to medium term outlook for non-residential building in the key markets of the Northeast and Midwest regions of the United States.

National Storage REIT (ASX: NSR)

The National Storage share price is down 4% to $2.35. This follows news that the storage giant has secured $300 million of funding via a guaranteed exchangeable notes offering. Management advised that the net proceeds are intended to be used for the repayment of existing financial indebtedness, to provide financial flexibility to fund further growth, and for general corporate purposes. Managing Director, Andrew Catsoulis, said: "We are very pleased with the strong support we have received for the Offering and this transaction marks another important milestone for NSR."

Nine Entertainment Co Holdings Ltd (ASX: NEC)

The Nine Entertainment share price is down 4.5% to $1.18. This has been driven almost entirely by the media company's shares going ex-dividend this morning for its 4.5 cents per share final dividend for FY 2024. This will be paid to eligible shareholders next month on 24 October. In addition, news that the company's CEO is stepping down won't have helped matters. Mike Sneesby will step down from his role as CEO and as a director on the Nine board on 30 September. He will be replaced by Matt Stanton on an interim basis while a CEO search is conducted.

The post Why BHP, Brickworks, National Storage, and Nine 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 Brickworks. The Motley Fool Australia has positions in and has recommended Brickworks. The Motley Fool Australia has recommended Nine Entertainment. 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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