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Why BINGO, Northern Star, Pro Medicus, & Strike Energy dropped lower today

The S&P/ASX 200 index has followed the lead of U.S. markets and charged higher on Friday. In afternoon trade the benchmark index is 0.6% higher at 6,655.1 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are ending the week in the red:

The Bingo Industries Ltd (ASX: BIN) share price is down 3.5% to $2.26. Today’s decline appears to be attributable to a broker note out of the Macquarie equities desk today. Although the broker held firm with its neutral rating and $2.35 price target, it noted that BINGO has been forced to cut the hire prices of its skips in an attempt to regain market share.

The Northern Star Resources Ltd (ASX: NST) share price has sunk 4% to $11.44. This gold miner’s shares have come under pressure today after the easing of trade tensions between the U.S. and China sent the gold price tumbling lower. It isn’t just Northern Star that is sinking lower. In afternoon trade the S&P/ASX All Ords Gold index is down approximately 2.6%.

The Pro Medicus Limited (ASX: PME) share price has crashed over 10% lower to $34.03. Investors have been hitting the sell button after the healthcare technology company revealed that two of its founders have sold a large number of shares. Both executive director Anthony Hall and CEO Sam Hupert have offloaded 1 million shares through an underwritten block trade this morning for a total of $36.1 million each. However, the market was informed of these planned sales all the way back in February 2018.

The Strike Energy Ltd (ASX: STX) share price has dropped 7.5% to 25 cents despite announcing a further significant gas discovery in the High Cliff sandstone as part of the West Erregulla-2 drilling campaign. Strike’s Managing Director, Stuart Nicholls, said “The addition of yet another material gas discovery in the West Erregulla-2 drilling campaign makes this a truly outstanding result for the well.” It appears as though some investors were hoping for more.

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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. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus 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.

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