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Why Afterpay, Chorus, IMF Bentham, & Sigma shares dropped lower today

The S&P/ASX 200 index has continued its positive form and is on course to start the week with a solid gain. At the time of writing the benchmark index is up 0.35% to 6,754.9 points.

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

The Afterpay Touch Group Ltd (ASX: APT) share price is down 2.5% to $32.17. A number of tech shares have come under pressure today following a disappointing night of trade on the technology-focused Nasdaq index on Friday. In addition to this, reports that Latitude Finance could soon be landing on the ASX may have spooked investors. It is likely to use the proceeds of its IPO to support its buy now pay later offering.

The Chorus Ltd (ASX: CNU) share price has dropped almost 4% lower to $4.71 on Monday. The catalyst for this decline has been the New Zealand based telco company’s shares trading ex-dividend this morning for its final dividend. Eligible shareholders can now look forward to receiving its 12.76 cent per share dividend in their nominated accounts on October 8.

The IMF Bentham Ltd (ASX: IMF) share price has tumbled 5% to $3.58 despite there being no news out of the litigation funder. However, last week its shares closed at a multi-year high of $3.76. I suspect that this may have led to some investors deciding to take a bit of profit off the table on Monday.

The Sigma Healthcare Ltd (ASX: SIG) share price has dropped 4% to 61.5 cents. The pharmacy chain operator and distributor’s shares have come under pressure today after a late announcement on Friday revealed that its CEO, Mark Hooper, had offloaded a large number of shares. Mr Hooper sold 4,543,034 shares through a series of on-market trades last week and received a total of $3,025,196.80 for them.

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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. owns shares of AFTERPAY T FPO. 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.

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