The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to break its losing streak and is up 0.2% to 6,208.5 points in afternoon trade.
Four shares which have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Australian Mines Limited (ASX: AUZ) share price has fallen almost 11% to 9.1 cents after the cobalt and nickel exploration company returned from a week-long trading halt. It appears that investors were not overly satisfied with the answers the company provided when quizzed by the ASX about a recent presentation by its managing director. I would suggest investors stay clear of the company.
The Hub24 Ltd (ASX: HUB) share price has tumbled almost 8% to $11.46 two days after providing a trading update. Yesterday Ord Minnett rated the fin tech company as a buy with an increased price target of $13.75. Clearly some investors don’t agree with this view and have been heading to the exits in their droves today. I think that this could potentially be a buying opportunity when the dust settles.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has dropped 3% to $7.26 after going ex-dividend this morning for its latest distribution. Eligible Sydney Airport shareholders can now look forward to receiving its 18.5 cents per share distribution on August 18. The airport operator was one of a number of popular dividend shares going ex-dividend this morning.
The WiseTech Global Ltd (ASX: WTC) share price has fallen 4.5% to $15.99 despite there being no news out of the logistics platform provider. However, there were heavy declines in the U.S. tech sector last night which appear to have been replicated here in Australia today. At the time of writing the information technology sector is the worst performing area of the market and down over 1.2%.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Sydney Airport Holdings Limited. The Motley Fool Australia owns shares of WiseTech Global. 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 Scott Phillips.
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