In afternoon trade the S&P/ASX 200 index is on course to record another solid gain after following the lead of U.S. markets. At the time of writing the benchmark index is up 0.45% to 6,245.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Adelaide Brighton Ltd (ASX: ABC) share price has dropped 2.5% to $4.43 despite there being no news out of the building materials company. However, last month analysts at UBS slapped a sell rating and $3.90 price target on its shares. According to the note, the broker believes the weak housing market outlook will weigh on its performance in the near term.
The Credit Corp Group Limited (ASX: CCP) share price is down 1.5% to $21.90 after successfully completing its $20.45 per share institutional placement. Demand was so strong the receivables management company was able to increase the placement from $100 million to $125 million. These funds will be used for debt purchases in Australia, New Zealand, and the United States. Credit Corp's shares were down as much as 5% at one stage.
The Northern Star Resources Ltd (ASX: NST) share price has fallen over 2% to $8.55 after the gold price tumbled lower overnight. According to CNBC, the spot gold price has continued its slide in Asian trade and is down a further 0.1% to US$1,292.90 an ounce. A strong U.S. dollar and improving investor sentiment have weighed on the price of the precious metal. The S&P/ASX All Ords Gold index is down 1.6% in afternoon trade.
The Uniti Wireless Ltd (ASX: UWL) share price has tumbled 3.5% to 56 cents after the internet provider's takeover approach of Spirit Telecom Ltd (ASX: ST1) was rejected. Details of the offer have not been revealed. Spirit will now "proceed with the normal course of its operations including organic growth and acquisitions."
