It has been a reasonably volatile day for the S&P/ASX 200 index, but in afternoon trade the index is pushing higher. At the time of writing it is 0.3% higher at 6,521 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Bravura Solutions Ltd (ASX: BVS) share price has dropped 6.5% to $4.38 following the release of its full year results. In FY 2019 Bravura posted a 16% increase in revenue to $257.7 million and a 21% lift in net profit after tax to $32.8 million. Whilst this was strong, it appears as though some investors were expecting even better. Bravura also announced the $50 million acquisition of fintech company Midwinter.
The Costa Group Holdings Ltd (ASX: CGC) share price has crashed 14.5% lower to $3.25 after the horticulture company’s half year results fell short of expectations. Although Costa delivered an 11.8% increase in revenue, it recorded a 15% decline in statutory net profit after tax to $41.1 million. In addition to this, management warned that the continuation of challenging trading conditions means there is a risk that it could fall short of its guidance again.
The Hansen Technologies Limited (ASX: HSN) share price is down 5% to $3.77. This morning the billing software provider released its full year results and revealed a 0.2% increase in revenue to $231.3 million and a disappointing 12.8% decline in underlying profit to $33.7 million. Management blamed challenging operating conditions on its poor performance.
The Lynas Corporation Ltd (ASX: LYC) share price has dropped over 5.5% to $2.28 after Wesfarmers Ltd (ASX: WES) announced that it was pulling the plug on its $1.5 billion takeover offer. The conglomerate appears to have made the move after reviewing the rare earths producer’s situation in Malaysia following last week’s update. The Wesfarmers share price pushed higher on the news.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Hansen Technologies. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd, COSTA GRP FPO, and Wesfarmers Limited. The Motley Fool Australia has recommended Hansen Technologies. 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.