The S&P/ASX 200 index has given back the majority of its morning gains and is trading marginally higher this afternoon. At the time of writing the benchmark index is up just 0.1% to 6,575.3.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Commonwealth Bank of Australia (ASX: CBA) share price has dropped over 3% lower to $76.91. Today's decline is largely attributable to the banking giant's shares trading ex-dividend this morning for its $2.31 per share fully franked final dividend. This dividend will now be paid to eligible shareholders in around six weeks on September 26.
The Magellan Financial Group Ltd (ASX: MFG) share price has dropped 6% lower to $56.07 after completing its $275 million institutional placement. The fund manager raised the money at a price of $55.20 per share, which represents a 6% discount to its dividend adjusted last traded share price. These funds will be used to support its newly announced Magellan High Conviction Trust and its new retirement product, amongst other things.
The Northern Star Resources Ltd (ASX: NST) share price has tumbled over 7% lower to $12.11. Northern Star and the rest of Australia's gold miners have come under pressure today after the gold price dropped lower overnight. The precious metal was sold off after investor sentiment improved greatly following news that the U.S. was holding back tariffs on certain Chinese goods. The S&P/ASX All Ords Gold index is down a sizeable 4.5% today.
The Pact Group Holdings Ltd (ASX: PGH) share price has sunk 18.5% lower to $2.26 after the packaging company released a disappointing full year result. Although Pact delivered a 10% increase in revenue to $1,834 million, it posted a statutory net loss after tax of $290 million. This included after-tax non-cash asset impairments of $327 million. Next year the company expects a modest improvement in EBITDA.
