In afternoon trade the S&P/ASX 200 index has returned to form and is trading notably higher following a positive night on Wall Street. At the time of writing the benchmark index is up 0.5% to 6,363.9 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Dacian Gold Ltd (ASX: DCN) share price has crashed a massive 64% lower to 57.5 cents after providing an update on its Mt Morgans operation. According to the release, due to underground contractor performance issues returning, the company has downgraded its quarterly production guidance and increased its costs guidance materially. Instead of 50,000-55,000 ounces of gold at an AISC of $1,050-$1,150 an ounce, Dacian now expects to produce 36,000-38,000 ounces at an AISC of $1,500-$1,600 an ounce.
The Evolution Mining Ltd (ASX: EVN) share price has dropped 5% to $3.90. The majority of Australia’s gold producers have fallen notably lower today despite the gold price pushing to a three-month high. Investors appear to have rotated out of safe haven assets after investor sentiment improved.
The Vocus Group Ltd (ASX: VOC) share price has crashed 18% lower to $3.75. The telco company’s shares have been sold off today after it revealed that takeover discussions with EQT Infrastructure have been terminated. The company advised that after an accelerated period of due diligence, EQT has decided not to proceed with its $5.25 cash per share offer.
The Volpara Health Technologies Ltd (ASX: VHT) share price is down 7.5% to $1.71 after the medical technology company successfully completed its institutional placement. According to the release, the oversubscribed placement raised $45 million and the institutional component of the entitlement offer raised the maximum amount of approximately $5 million, both at $1.50 per share. The proceeds will be used to fund the acquisition of US-based MRS Systems and further organic growth.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended VOLPARA FPO NZ. 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.