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.