In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to extend its positive run. At the time of writing the index is up 0.2% to 6,653.4 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Amaysim Australia Ltd (ASX: AYS) share price is down 3.5% to 43 cents despite there being no news out of the struggling telco company. This latest decline has left its shares trading within half a cent of their all-time low. Investors have been selling Amaysim’s shares since the release of a disappointing full year result which revealed a drop in profits and a decline in mobile subscribers.
The IOOF Holdings Limited (ASX: IFL) share price is down 4.5% to $5.68. The embattled financial services company’s shares have come under pressure today after trading ex-dividend for its final 19 cents per share dividend. This will now be paid to eligible shareholders on September 27.
The iSignthis Ltd (ASX: ISX) share price has fallen a further 10% to $1.27. Profit-taking continues to weigh on the payments company’s shares after they rocketed to an all-time high earlier this week. Investors were fighting to get hold of its shares at the start of the week after it reported gross processing transaction volume of over $1.1 billion in August, which was up more than 160% since the end of June. The company’s shares have now fallen 28% since peaking at $1.76.
The Synlait Milk Ltd (ASX: SM1) share price has sunk 10% to $8.17 following the release of its full year results. For the 12 months ended July 31, the dairy processor reported a 16% increase in sales volumes to 149,730 MT, a 17% jump in revenue to NZ$1,024.3 million, and a 10% lift in net profit after tax to NZ$82.2 million. Investors appear to have been expecting an even stronger result.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.