The S&P/ASX 200 index is on course to record another solid gain on Thursday. In afternoon trade the benchmark index is up 0.4% 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 BWX Ltd (ASX: BWX) share price has sunk 5.5% lower to $2.02 despite there being no news out of the personal care products company. Investors may be concerned that the company’s key Sukin brand has continued to struggle and could lead to management providing weak guidance for FY 2020 when it releases its results next month.
The Platinum Asset Management Ltd (ASX: PTM) share price has continued its slide and is down a further 2% to $4.90. The asset manager’s shares have tumbled lower this week following the release of its latest funds under management (FUM) update. During the month of June Platinum experienced net outflows of approximately $228 million.
The Sims Metal Management Ltd (ASX: SGM) share price is down 3.5% to $10.26 after analysts at Ord Minnett downgraded the scrap metal company’s shares. According to the note, the broker has taken its buy rating off its shares and downgraded them to a hold rating. The broker has also trimmed its price target on Sims Metal Management’s shares to $11.00.
The Virgin Australia Holdings Ltd (ASX: VAH) share price has fallen 3% to 16.5 cents after the airline operator provided an update on its Velocity Frequent Flyer business. According to the release, Connectivity Pte Limited (Affinity) is exploring an exit from its 35% minority investment in Velocity Frequent Flyer and has requested that various exit options for the sale of its stake be considered. Virgin Australia advised that it remains committed to the long term growth of the Velocity business and expects to remain its majority investor.
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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 BWX Limited. 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.