In afternoon trade on Thursday the S&P/ASX 200 index is on course to record a decent gain. The benchmark index is up 0.35% to 6,696.7 points at the time of writing.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have dropped lower:
The Bravura Solutions Ltd (ASX: BVS) share price has sunk 5% lower to $3.77. The shares of the provider of software products and services to the wealth management and funds administration industries have come under significant pressure recently despite there being no news out of it. Its shares are now down 40% from their 52-week high.
The Mirvac Group (ASX: MGR) share price is down over 3% to $3.06 despite there being no news out of the property company. I suspect that this may be a delayed response to its operational update on Tuesday and a spot of profit taking after an impressive gain year to date. Prior to today, Mirvac’s shares were up 44% since the start of the year.
The Qantas Airways Limited (ASX: QAN) share price has dropped 3.5% to $6.29. Investors have been selling the airline’s shares following the release of a first quarter update this morning. Although Qantas has performed strongly in the first quarter, a couple of one-offs are expected to dent its profits in FY 2020. Qantas’ profits have been negatively impacted by the Hong Kong protests and the US-China trade war.
The WiseTech Global Ltd (ASX: WTC) share price has crashed 7% lower to $26.55. I believe this sizeable decline could be down to concerns that J Capital will release a third short seller following WiseTech’s response on Wednesday. The short seller has been busy on Twitter hitting back at the logistics solutions company since its release.
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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 Bravura Solutions Ltd and WiseTech Global. The Motley Fool Australia has recommended Bravura Solutions Ltd. 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.