In afternoon trade the S&P/ASX 200 is on course to record a solid gain. At the time of writing the index is up 0.65% to 6,741.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
The AP Eagers Ltd (ASX: APE) share price is down 7% to $11.02. Investors have been selling its shares after it warned that external trading conditions in the national automotive retail sector remain challenging. As a result, underlying operating profit before tax has fallen 6% over the last 10 months. The company also revealed that the EasyAuto123 business has been significantly underperforming.
The G8 Education Ltd (ASX: GEM) share price has crashed 19% lower to $2.10 following the release of a trading update. This morning the childcare centre operator warned of short-term earnings headwinds impacting its FY 2020 performance. This includes an increase in supply which looks set to weigh on its occupancy levels.
The National Australia Bank Ltd (ASX: NAB) share price has come under pressure and is down 3% to $27.89. The bank’s shares are notably lower on Thursday after going ex-dividend this morning. The banking giant will be paying its 83 cents per share dividend to eligible shareholders on December 12. NAB is the last of the big four banks to trade ex-dividend in 2020.
The Panoramic Resources Ltd (ASX: PAN) share price has tumbled 17% to 30 cents after returning from a trading halt. The nickel producer’s shares have come under pressure after a below-budget operational performance during the September quarter. In light of this poor performance, it believes it will a require additional funds to support its operations. The company also believes its underperformance breaches conditions set out in the Independence Group NL (ASX: IGO) takeover approach.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank 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.
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