It has been a very positive day of trade for the S&P/ASX 200 index. At the time of writing the benchmark index is up a solid 0.6% to 6,707.8 points.
Four shares that have been unable to follow the market higher today are listed below. Here's why they have dropped lower:
The Evolution Mining Ltd (ASX: EVN) share price has dropped 2% to $4.33 following the release of the gold producer's preliminary full year results. Although Evolution achieved gold production towards the upper end of its guidance range, investors appear to have been disappointed that it missed on its costs guidance. The company also guided to a similar level of production in FY 2020.
The Pushpay Holdings Ltd (ASX: PPH) share price has fallen 3% to $3.16 despite there being no news out of the payments company. However, the company's shares have come under pressure this month after its former CEO offloaded 12.24 million shares via a NZ$45.3 million bookbuild. This sizeable sale from the former CEO appears to have spooked some investors.
The South32 Ltd (ASX: S32) share price is down 1.5% to $3.09 after the mining giant was downgraded by equity analysts at Macquarie. According to the note, the broker has downgraded South32's shares to an underperform rating from neutral after making adjustments to its forecasts for the prices of several commodities. Macquarie has also reduced its price target on the company's shares to $2.70.
The Pilbara Minerals Ltd (ASX: PLS) share price has fallen 3% to 50 cents. This decline appears to have been driven by profit taking after the lithium miner's shares stormed higher yesterday. Investors were buying Pilbara Minerals' shares following an announcement of a new offtake agreement with Great Wall Motors. Another positive is that the company plans to resume full production once again in the December quarter.
