The S&P/ASX 200 index is on course to continue its positive run on Tuesday. In afternoon trade the benchmark index is up a solid 0.8% to 6,783 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are sinking lower:
The Bank of Queensland Limited (ASX: BOQ) share price has tumbled 5.5% lower to $8.16 after successfully completing its $250 million institutional share placement. The bank revealed that it raised the funds at the very top of its price range at $7.78 per new share. This was a 10% discount to the last close price. These funds will be used to strengthen its balance sheet and lift its CET1 ratio.
The Maca Ltd (ASX: MLD) share price is down over 4% to $1.14 despite there being no news out of the building materials company. The catalyst for this decline could be an update out of Brickworks Limited (ASX: BKW) this morning at its annual general meeting. Brickworks warned that its Australian operations would be the weak spot in FY 2020. This may have sparked fears that Maca could underperform this year.
The Technology One Limited (ASX: TNE) share price is down 3.5% to $8.67. This decline could be due to profit taking after the enterprise software company’s shares raced higher this month. Investors were buying Technology One’s shares after it released a strong full year result last week. Management also spoke positively about its long-term growth potential thanks to its SaaS business.
The Volpara Health Technologies Ltd (ASX: VHT) share price is down 3% to $1.68. The healthcare technology company’s shares have fallen heavily since the release of its half year update last week. Volpara reported very strong annual recurring revenue (ARR) growth to NZ$15.7 million. However, its guidance for the full year was a touch underwhelming.