The S&P/ASX 200 index has started the week on a mildly positive note and is on course to record a small gain. In afternoon trade the benchmark index is up 0.1% to 6,654 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The A2 Milk Company Ltd (ASX: A2M) share price has dropped over 3% to $13.94 despite there being no news out of the infant formula and fresh milk company. Its shares have come under pressure in recent weeks following the release of its full year results. Although a2 Milk Company delivered a 46.1% increase in EBITDA to NZ$413.6 million, this was a touch short of the market's bullish expectations.
The Platinum Asset Management Ltd (ASX: PTM) share price is down 2% to $3.85 following the release of its latest funds under management (FUM). According to the release, the fund manager's FUMs continued to fall in August. Platinum's FUMs dropped approximately 3% to $24.4 billion due to net outflows of $407 million during the month.
The Regis Resources Limited (ASX: RRL) share price has tumbled 6% lower to $4.75 following a decline in the gold price and the release of its investor update. On Friday the gold price dropped lower again after comments out of U.S. Federal Reserve chairman Jerome Powell appeared to rule out rate cuts in the near term. In afternoon trade the S&P/ASX All Ords Gold index is down 2.9%.
The Strike Energy Ltd (ASX: STX) share price has continued its slide and is down a further 4% to 23 cents. Investors have been selling the energy exploration company's shares despite it announcing a further significant gas discovery in the High Cliff sandstone as part of the West Erregulla-2 drilling campaign last week. It appears as though some investors were hoping for more from this drilling.
