The S&P/ASX 200 index has been in fine form again today and is on course to record a solid gain. In afternoon trade the benchmark index is up 0.7% to 6,773.6 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have taken a dive:
The A2 Milk Company Ltd (ASX: A2M) share price is down over 2% to $16.38 despite there being no news out of the infant formula and fresh milk company. However, thanks to a number of bullish broker notes in recent weeks, the a2 Milk Company share price has been on a very strong run this month. I suspect that this has led to profit-taking from some investors today.
The Iluka Resources Limited (ASX: ILU) share price has sunk 8% lower to $10.19 following the release of the mineral sands producer’s latest update. Although its production improved in the second quarter, it still finished the half with a 20.2% decline in total mineral sands production compared to the prior corresponding period. Sales were also down 24.1% on the first half of FY 2018.
The Kogan.com Ltd (ASX: KGN) share price has dropped almost 5% to $5.19 a day after the release of its business update. This decline means that the ecommerce company’s shares have now given back all of yesterday’s strong gains. This could be down to news that UBS has retained its neutral rating and cut the price target on its shares to $5.70 after a “mixed” second half.
The St Barbara Ltd (ASX: SBM) share price is down 3% to $3.46 following the release of the gold miner’s fourth quarter update. During the fourth quarter St Barbara achieved production of 86,197 ounces, bringing its full year production to 362,346 ounces. This compares to 88,358 ounces in the third quarter and 403,089 ounces in FY 2018. Its guidance for FY 2020 (excluding the recently acquired Atlantic Gold business) was an underwhelming 310,000 to 335,000 ounces.
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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 A2 Milk. The Motley Fool Australia has recommended Kogan.com ltd. 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.