In afternoon trade on Tuesday the S&P/ASX 200 index is on course to continue its strong run. At the time of writing the benchmark index is up 0.55% to 6,600.5 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have dropped lower:
The Baby Bunting Group Ltd (ASX: BBN) share price has dropped 9.5% to $3.37 on the day of its annual general meeting. Ahead of the meeting the baby products retailer released a trading update which revealed that it has reiterated its earnings growth guidance for FY 2020. However, it did warn that it has had issues with its online business, but expects its sales growth momentum on the platform to continue to build as the year goes on.
The Heron Resources Ltd (ASX: HRR) share price has crashed 49% 19.5 cents after being suspended for almost two months. This morning the mineral exploration company’s shares returned to trade after it raised $11.5 million through the issue of 57,584,627 ordinary shares to institutional investors at 20 cents per share. The funds will provide additional financial support in connection with the ongoing ramp-up of the Woodlawn Project to nameplate capacity, repay a portion of its outstanding loan, and provide working capital.
The Jumbo Interactive Ltd (ASX: JIN) share price has fallen 3.5% to $25.94 despite there being no news out of the online lottery ticket seller. However, prior to today, Jumbo’s shares were up 268% in 2019, which could mean that some investors are taking profit off the table today. Investors have been buying its shares this year after it delivered another very impressive full year result in August.
The Silver Lake Resources Limited (ASX: SLR) share price have tumbled 4% to 90.2 cents. Investors have been selling the gold miner’s shares today after the spot gold price dropped almost 1% lower overnight. This left the precious metal trading below the symbolic US$1,500 per ounce level again. In afternoon trade the S&P/ASX All Ords Gold index is trading 1% lower.
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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 and recommends Jumbo Interactive Limited. The Motley Fool Australia has recommended Jumbo Interactive Limited. 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.