The S&P/ASX 200 index has started the week on a very positive note. In afternoon trade the benchmark index is up 0.6% to 6,764.7 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Australia and New Zealand Banking Group (ASX: ANZ) share price is down 2.5% to $25.56. This decline is entirely attributable to the banking giant’s shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving ANZ’s partially franked 80 cents per share final dividend on December 18. ANZ is the first of three big four bank trading ex-dividend this week.
The Fortescue Metals Group Limited (ASX: FMG) share price is down a disappointing 4% to $9.20. Investors have been selling the iron ore producer’s shares after the price of the steel making ingredient tumbled lower. The benchmark iron ore price fell 2.7% to US$80.36 a tonne after data revealed a decline in iron ore imports into China.
The Pilbara Minerals Ltd (ASX: PLS) share price fell 3% to 32 cents before the lithium miner requested a trading halt. Pilbara Minerals requested the trading halt pending an announcement concerning an incident on site requiring investigation. While no further details have been provided, it would appear to be a serious one given the trading halt. An announcement is due to be released on Wednesday.
The REA Group Limited (ASX: REA) share price has continued its slide and is down a further 2% to $100.43. This morning analysts at Credit Suisse downgraded the property listings company’s shares to an underperform rating with a $90.00 price target. It believes its shares are expensive following its disappointing first quarter update. However, not everyone is bearish on REA Group. Analysts at Goldman Sachs remain positive on the company and have retained their buy rating.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group 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.