It has been a mixed day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), but in afternoon trade the benchmark index has fought back and is up 0.1% to 6,168.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why these shares have sunk lower:
The G8 Education Ltd (ASX: GEM) share price has fallen over 3% to $3.16. Today's decline is almost entirely attributable to the childcare centre operator's shares trading ex-dividend for its final dividend this morning. Eligible shareholders can now look forward to receiving the 8 cents per share fully franked dividend in their nominated accounts on April 5.
The Megaport Ltd (ASX: MP1) share price has returned from its trading halt and is down almost 4% to $4.04. This morning the leading global network as a service provider announced the successful completion of its $50 million fully underwritten share placement to institutional, experienced, sophisticated and professional investors. Megaport managed to raise the funds at $4.00 per share, representing a discount of just 4.8% to its last closing price. The funds will be used to accelerate its expansion into new locations and new markets.
The Sigma Healthcare Ltd (ASX: SIG) share price has continued its slide and is down a further 3% to 52 cents. The pharmacy chain operator and distributor's shares have come under significant selling pressure this week after it rejected the Australian Pharmaceutical Industries Ltd (ASX: API) merger proposal. The latter indicated that it would not come back with a better offer, much to the dismay of Sigma's long-suffering shareholders.
The Zip Co Ltd (ASX: Z1P) share price has returned from its trading halt and is down almost 2% to $1.63. This morning the buy now, pay later provider announced that it has successfully raise $42.8 million before costs via a placement of 28 million ordinary shares. The funds were raised at $1.53 per share, representing a 7.8% discount to the last close price. The additional capital will be used to fund its growth strategies and strengthen its balance sheet.
