The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Wednesday. In afternoon trade, the ASX 200 index is on course to record the smallest of gains and is up a fraction to 7,793.8 points.
Four ASX shares that are acting as a drag on the market today are listed below. Here's why they are falling:
Judo Capital Holdings Ltd (ASX: JDO)
The Judo Capital share price is down over 2% to $1.37. This may have been driven by a broker note out of Morgan Stanley. Its analysts have retained their equal weight rating and $1.25 price target on the company's shares. This implies a potential downside of approximately 9% for investors from current levels. Judo Capital will be releasing its third quarter update in the coming days.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 1% to $33.81. Investors may be taking a bit of profit off the table following strong gains over the last 12 months. During this time, the banking giant's shares have risen approximately 25%. This compares to a 7% gain by the ASX 200 index over the same period. In addition, last week the team at Citi responded to NAB's half-year results by reiterating its sell rating with a $26.50 price target. This suggests a potential downside of over 20% is possible over the next 12 months.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is down 2.5% to $16.52. This could also have been driven by profit-taking from some investors. After all, the uranium miner's shares hit a 12-year high on Tuesday. Investors have been fighting to get hold of the company's shares over the past year thanks to booming uranium prices. This is being underpinned by supply shortages and increasing demand for the chemical element as countries embrace nuclear power.
Perpetual Ltd (ASX: PPT)
The Perpetual share price is down 7% to $22.38. This follows the conclusion of the fund manager's strategic review. That review was seeking to unlock additional value for shareholders. However, judging by its share price performance on Wednesday, the market doesn't appear to believe its plans will achieve this goal. Perpetual has decided to sell its wealth management and corporate trust businesses and focus solely on being a global multi-boutique asset manager. The company has signed an agreement to sell those businesses to private equity giant KKR for a total cash consideration of $2.175 billion.
