The S&P/ASX 200 index has bounced back from a morning in the red and is pushing slightly higher this afternoon. At the time of writing the benchmark index is up 6 points to 6,646.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The BrainChip Holdings Ltd (ASX: BRN) share price has crashed 19% lower to 7.6 cents after the developer of software and hardware accelerated solutions for advanced artificial intelligence and machine learning applications completed the institutional component of its non-renounceable entitlement offer. BrainChip raised $6.7 million before costs at an issue price of 6 cents per new share.
The BWP Trust (ASX: BWP) share price has dropped almost 4% to $3.75. This morning the Bunnings landlord's shares traded ex-dividend for its 10.74 cents per share final dividend. This dividend will now be paid to eligible shareholders on August 23. Other shares trading ex-dividend today include airport operator Sydney Airport Holdings Pty Ltd (ASX: SYD) and toll road giant Transurban Group (ASX: TCL). Both have also dropped into the red today with BWP Trust.
The Cromwell Group (ASX: CMW) share price has sunk almost 7% lower to $1.17. The Australian Real Estate Investment Trust and property fund manager's shares have tumbled lower today after it completed its $375 million Institutional Placement. Cromwell Group raised the funds at $1.15 per share, which was a 7% discount to its last closing price.
The Orocobre Limited (ASX: ORE) share price has dropped 4% to $2.81. This decline could be in response to news that Galaxy Resources Limited (ASX: GXY) only made two of its three planned shipments in the current quarter. As the embattled lithium miner didn't reveal the reason for the shipment delay, it appears to have sparked further fears of falling demand for the battery making ingredient.
