Why these 4 ASX shares dropped lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is up 0.6% to 5,980 points.

Four shares that haven’t been able to follow the market higher today are listed below. Here’s why they have dropped lower:

The BT Investment Management Ltd (ASX: BTT) share price has fallen 3.5% to $10.73. The majority of this decline can be attributed to its shares going ex-dividend this morning. Eligible shareholders should expect to receive its partially franked 26 cents per share final dividend in their accounts on December 20.

The European Lithium Ltd (ASX: EUR) share price has tumbled 22% to 25 cents. This decline appears to be in response to yesterday’s capital raising announcement. The company plans to raise $5 million through a placement at 22.5 cents per share. While this is a big discount to the last close price, only one month ago the lithium miner’s shares were trading at 5 cents apiece.

The Nufarm Limited (ASX: NUF) share price is down almost 2% to $8.62 following the release of its annual general meeting presentation. Investors appear to be disappointed with the crop protection company’s outlook. Due to a weak November, first-half EBIT is expected to be in the range of $70 million to $80 million.

The Pilbara Minerals Ltd (ASX: PLS) share price has continued it decline and is down a further 3% to 89.5 cents. A number of lithium miners continue to come under pressure from profit taking today following a sharp rise in their respective share prices over the last few weeks.

With the lithium miners sinking lower again, it could be a sign that the lithium boom is over. But don't worry because this next boom could be many times bigger.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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