In afternoon trade the S&P/ASX 200 index is on course to bounce back strongly from yesterday's sell off. At the time of writing the benchmark index is up 0.6% to 6,275.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Costa Group Holdings Ltd (ASX: CGC) share price is down 2.5% to $4.90 despite there being no news out of the horticulture company. One broker that sees value in the company's shares at this level is Citi. A note out of the investment bank late last month revealed that its analysts have retained their buy rating and $5.80 price target on its shares. The broker expects strong growth to return in FY 2019.
The LiveTiles Ltd (ASX: LVT) share price has fallen 4.5% to 41 cents. This latest decline means the cloud based intelligent workplace software provider's shares have lost almost a third of their value since this time last month. Investors appear to have been spooked by the sudden departure of the company's chief financial officer, Matt Brown, at the end of last month. Mr Brown also stepped down from the board with immediate effect.
The Northern Star Resources Ltd (ASX: NST) share price has edged 1.5% lower to $9.31 after the gold price gave back some of its recent gains. Improved investor sentiment and a stronger U.S. dollar led to the spot gold price dropping 0.3% overnight. At present the precious metal is fetching US$1,296 an ounce according to CNBC.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has continued its slide and is down a further 1.5% to $3.54. The plumbing parts company's shares have been sold off this week after it downgraded its earnings guidance following weaker than expected sales across the majority of its businesses. One broker that thinks this is a buying opportunity is Credit Suisse. A note out of the investment bank this morning reveals that it has retained its outperform rating with a reduced price target of $4.40.
