Thanks to the positive reaction to this weekend's surprise election result, in afternoon trade the benchmark S&P/ASX 200 index is on course to record an impressive gain. At the time of writing the index is up 1.65% to 6,470.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Incitec Pivot Ltd (ASX: IPL) share price has dropped over 3% to $3.22 after the manufacturer and distributor of industrial explosives, industrial chemicals, and fertilisers released its first half results. Incitec Pivot posted first half EBIT of $119 million, down from $240 million in the prior corresponding period. Although the market wasn't expecting a strong result, this still appears to have fallen short of expectations. A note out of Goldman Sachs reveals that it was expecting EBIT of $134 million in the first half.
The Nearmap Ltd (ASX: NEA) share price has tumbled 4.5% to $3.66 despite there being no news out of the aerial imagery technology and location data company. I suspect that today's decline could be down to profit taking from some investors. After all, the Nearmap share price has almost quadrupled in value over the last 12 months.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is down 3.5% to $7.54. This morning the airport operator released its traffic data for the month of April and revealed a small rise in passenger numbers. Whilst this wasn't the strongest update, I suspect a lot of the selling could be from investors rotating out of unfranked dividend shares to fully franked options following Labor's defeat this weekend.
The Webjet Limited (ASX: WEB) share price has fallen 4.5% to $15.89. Today's decline appears to be in response to concerns that its strategic partner Thomas Cook could struggle to survive through the northern hemisphere's summer holiday season. Its shares sank a whopping 40% lower on Friday after analysts at Citi described its shares as "worthless".
