Why G8 Education, Megaport, Sigma, & Zip Co shares sunk lower today

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.

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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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