In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to record a solid gain. At the time of writing the benchmark index is up 0.85% to 6,148.2 points.
Four shares that have failed to follow the market higher on Thursday are listed below. Here’s why they have dropped lower:
The JB Hi-Fi Limited (ASX: JBH) share price has tumbled over 5% to $22.16. A good portion of today’s decline can be attributed to the retailer’s shares trading ex-dividend this morning for its fully franked 91 cents per share interim dividend. This dividend will be paid to eligible shareholders in a couple of weeks on March 8.
The Mineral Resources Limited (ASX: MIN) share price has dropped almost 9% to $16.22 following the release of the mining and mining services company’s half year results. During the half the company posted EBITDA of $72 million after factoring in a $30 million unrealised accounting loss on its investment in lithium miner Pilbara Minerals Limited (ASX: PLS). This was an 80% decline on the prior corresponding period.
The St Barbara Ltd (ASX: SBM) share price is down 8% to $4.82 a day after the release of its half year results. Investors may be selling its shares today after Credit Suisse retained its underperform rating and $3.90 price target on the gold miner’s shares. Although St Barbara’s half year result was in line with the broker’s expectations, its analysts still feel its shares are fully valued.
The WiseTech Global Ltd (ASX: WTC) share price has fallen a further 4% to $20.20. The logistics platform provider’s shares have come under heavy selling pressure after it held firm with its full year guidance. The market appears to have been pricing in an upgrade to its full year guidance and hit the sell button in a hurry when it failed to materialise.
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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 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.