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.