In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its strong form and pushed higher again. At the time of writing the benchmark index is up 0.3% to 6,265.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they tumbled lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has fallen 2.5% to $19.04. Today's decline appears to be attributable to news that its independent non-executive director has been selling shares on-market. According to a change of director's interests notice, Clifford Rosenberg offloaded 150,000 shares for almost $3 million earlier this month.
The Bubs Australia Ltd (ASX: BUB) share price has tumbled almost 5% to 71 cents. On Wednesday the goat milk infant formula company's shares rocketed higher after it announced plans to form a joint venture with Beingmate Baby & Child Food Co. in Shanghai. If the joint venture goes ahead it will distribute and promote Bubs infant formula and organic baby food products in the massive China market. However, it is worth noting that Beingmate has been having financial issues and was recently threatened with delisting from the Shenzhen Stock Exchange.
The FlexiGroup Limited (ASX: FXL) share price is down 2.5% to $1.48. The financial services company's shares have been in fine form in recent weeks, so this decline could be down to profit taking from some investors. The FlexiGroup share price is still up 28% since this time last month despite this decline.
The Rio Tinto Limited (ASX: RIO) share price has dropped 4.5% to $92.42. Today's decline is due to the mining giant's shares trading ex-dividend this morning for its final and special dividends. A total of approximately $6.00 per share will be paid to eligible shareholders in around six weeks on April 18. The shares of fellow mining giant BHP Group Ltd (ASX: BHP) have also dropped lower for the same reason today.
