In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to record a strong gain. At the time of writing the benchmark index is up 0.5% to 6,716.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Bravura Solutions Ltd (ASX: BVS) share price has dropped 4% to $4.47. Investors appear to have been selling shares in response to the company being significantly outbid by rivals for GBST Holdings Limited (ASX: GBT) this week. Last week Bravura made a take it or leave it offer of $3.00 cash per share for GBST, whereas GBST received a $3.60 per share offer from SS&C Technologies on Wednesday.
The Pilbara Minerals Ltd (ASX: PLS) share price has sunk 6% to 49 cents. The majority of Australia's leading lithium producers have dropped lower today after analysts at Macquarie Wealth Management spoke negatively about the industry. The broker believes it is now only a matter of time until some lithium producers go out of business.
The Pushpay Holdings Ltd (ASX: PPH) share price has returned from its trading halt and is down over 3.5% to $3.52. The payments company's shares were placed in a trading halt on Wednesday whilst it undertook a NZ$45.3 million bookbuild to facilitate the sale of 12.24 million shares owned by its former CEO. The sale completed successfully at NZ$3.70 per share.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has dropped almost 3% to $3.67 after positive investor sentiment put pressure on risk off assets. Whilst Saracen isn't the only gold miner tumbling lower today, its decline has been more severe than others. This may be due to its shares being up by a stunning 77% over the last 12 months prior to today.
