Why Ampol, Flight Centre, Syrah, & Telix shares are dropping lower

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week strongly. At the time of writing, the benchmark index is up 0.4% to 6,825.7 points.

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

The Ampol share price is tumbling 5% lower to $29.27. This morning Ampol announced the completion of its $300 million off-market buyback. The fuel retailer bought the shares back at $26.34, which represents a 14% discount. Ampol advised that it expects $24.33 of the buyback price to be treated as a fully franked dividend for Australian capital gains tax purposes.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 3%…