The S&P/ASX 200 index has returned to form and is on course to record a solid gain on Wednesday. In afternoon trade the benchmark index is up 0.2% to 6,627.5 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have dropped lower:
The Accent Group Ltd (ASX: AX1) share price has dropped 3% to $1.67. The main driver of this decline has been the footwear-focused retailer’s shares trading ex-dividend this morning for its final 3.75 cents per share fully franked final dividend. Also weighing on its shares has been news that one of the company’s non-executive directors has offloaded $2 million worth of shares through on-market trades this month.
The Appen Ltd (ASX: APX) share price has tumbled 7.5% lower to $1.81 despite there being no news out of the language technology data and services provider. However, broad weakness in the tech sector today appears to be weighing on its shares. Some investors may be taking a bit of profit off the table following strong gains in 2019.
The iSignthis Ltd (ASX: ISX) share price has seen its impressive run come to an end and is down 13.5% to $1.42. The payments company’s shares rocketed to an all-time high this week after reporting further strong growth in its gross processing transaction volume (GPTV). At the end of August its GPTV exceeded $1.1 billion, which is up more than 160% since the end of June. As with Appen, today’s decline could be down to profit-taking from some investors.
The Sundance Energy Australia Ltd (ASX: SEA) share price has crashed 27% lower to 19 cents after the energy producer announced its decision to re-domicile from Australia to the United States via a proposed scheme of arrangement. The scheme remains subject to shareholder, judicial and regulatory approvals, but if approved, the company will transfer its primary listing to Nasdaq and cease to trade on the ASX. The board has unanimously recommended the scheme.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Accent Group. 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.