The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to build on yesterday’s solid gain. In afternoon trade the benchmark index is up 0.5% to 6,037.2 points.
Four shares that have failed to follow the market higher on Wednesday are listed below. Here’s why they have dropped lower:
The Commonwealth Bank of Australia (ASX: CBA) share price is down almost 2% to $72.29 following the release of its interim results this morning. For the six months ended December 31, CBA posted a cash NPAT from continuing operations of $4,676 million. This was a 1.7% increase on the prior corresponding period. The bank declared an interim dividend of $2.00 per share, which was flat on the prior corresponding period.
The Costa Group Holdings Ltd (ASX: CGC) share price is down over 3% to $5.22 despite there being no news out of it. The horticulture company’s shares have come under significant selling pressure since the release of a trading update at the start of January. That update revealed that Costa has experienced a sizeable drop in demand for some of its core produce.
The FlexiGroup Limited (ASX: FXL) share price has dropped a further 5% to $1.13. The financial solutions company’s shares fell heavily on Tuesday after it downgraded its full year cash profit guidance. FlexiGroup now expects FY 2019 cash net profit after tax to be in the range of $76 million to $80 million. Previous guidance had been for cash net profit after tax in the range of $95 million to $100 million.
The OceanaGold Corp (ASX: OGC) share price has continued its slide with a 3% decline to $4.46. Investors hit the sell button in a panic on Tuesday after OceanaGold disappointed the market with its 2019 cost and production guidance. It expects production of 500,000 to 550,000 ounces of gold and 14,000 to 15,000 tonnes of copper at an AISC of $850 to $900 per ounce. This softer than expected guidance led Macquarie to downgrade its shares to a neutral rating this morning.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia has recommended FlexiGroup Limited. 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.