Why these 4 ASX shares have dropped lower today

It has been a very positive day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is up almost 0.7% to 6,309.9 points.

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

The AGL Energy Ltd (ASX: AGL) share price is down by almost 4% to $21.15 following the release of the energy company’s full-year results. Although AGL Energy posted a better than expected profit result and grew its dividends quicker than predicted, its weak guidance for FY 2019 appears to have led to the selloff. Management expects profit to be flat next year compared to expectations of a 9% increase. A sharp fall in oil prices overnight may also have weighed on investor sentiment.

The Amaysim Australia Ltd (ASX: AYS) share price has dropped almost 5% lower to $1.00. Some investors appear to be taking profit after the junior telco company’s shares surged higher on the back of speculation that Optus owner Singtel could be interested in launching a takeover offer. Neither party has commented on the speculation.

The LiveTiles Ltd (ASX: LVT) share price has plunged almost 12% lower to 66.7 cents after successfully raising $25 million through an institutional placement at 59 cents per share. The company has also announced the addition of a $2 million share purchase plan in what appears to be an effort to appease disgruntled shareholders. The placement leaves LiveTiles cashed up and well-positioned to accelerate its growth.

The Rio Tinto Limited (ASX: RIO) share price has dropped almost 2% to $75.88 after its shares went ex-dividend for its interim dividend. The mining giant’s shares were down as much as 3% this morning before recovering slightly. Eligible Rio Tinto shareholders can now look forward to receiving this dividend in their nominated accounts on September 20.

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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 Scott Phillips.

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