The S&P/ASX 200 index has returned to form on Wednesday and is pushing higher in afternoon trade. At the time of writing the index is up 0.3% to 6,499.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Champion Iron Ltd (ASX: CIA) share price is down over 7% to $2.41. Investors have been selling the iron ore producer's shares after the price of the steel making ingredient fell into a bear market. Concerns over increasing supply and falling demand in China have weighed heavily on the base metal in recent weeks.
The Commonwealth Bank of Australia (ASX: CBA) share price has dropped 1.5% lower to $78.75 after the banking giant's full year results fell short of the market's expectations. For the 12 months ended June 30, CBA reported an 8.1% decline in statutory net profit after tax to $8,571 million and a 4.7% drop in cash net profit after tax to $8,492 million. Goldman Sachs was expecting the bank to deliver FY 2019 cash earnings from continued operations (pre-one offs) of $8,566 million, which would have been a decline of 3.9% on the prior corresponding period.
The Cooper Energy Ltd (ASX: COE) share price is down 2.5% to 54 cents. A good number of Australia's leading energy producers have dropped lower today after oil prices continued to slide. This afternoon the S&P/ASX 200 Energy index is acting as a drag on the market and is down 0.8%.
The Galaxy Resources Limited (ASX: GXY) share price is down 1.5% to $1.12 after the lithium miner announced a non-cash impairment charge. According to the release, Galaxy expects to include a non-cash impairment in the range of US$150 million to US$185 million with its half year results. This follows a review of its inventory on hand at Mt Cattlin, capitalised Mt Cattlin mine development costs attributable to the acquisition of General Mining, and deferred tax assets arising from capitalised tax losses.
