The S&P/ASX 200 index is pushing higher again on Thursday. In afternoon trade the benchmark index is on course to record another solid gain and is up 0.25% to 6,867.4 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Evolution Mining Ltd (ASX: EVN) share price is down 3% to $3.97 on the day of the gold miner’s annual general meeting. At the meeting, shareholders dealt Evolution a first strike with its remuneration report. A total of 26.2% of votes were made against its report. In addition to this, a pullback in the gold price overnight is weighing on the industry today. At the time of writing the S&P/ASX All Ords Gold index is down 0.5%.
The GUD Holdings Limited (ASX: GUD) share price has fallen 5% to $11.11. This is despite there being no news out of the diversified products company. However, prior to today, its shares were up almost 30% over the last three months. This could mean that some investors are taking a bit of profit off the table today.
The Pro Medicus Limited (ASX: PME) share price is down 2% to $25.01. This morning the healthcare technology company advised that it will be showcasing the Visage AI Accelerator solution and the new Visage developed breast density classification algorithm at the Radiological Society of North America conference this weekend. Investors may be disappointed that Pro Medicus didn’t use this opportunity to provide some guidance for FY 2020.
The Sigma Healthcare Ltd (ASX: SIG) share price has fallen almost 3% to 71 cents. The catalyst for this decline could be a note out of Citi. Earlier this week the broker downgraded the pharmacy chain operator and distributor’s shares to a sell rating with a 65 cents price target. Citi made the move largely on valuation grounds.
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Returns as of 6th October 2020
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 Pro Medicus Ltd. The Motley Fool Australia has recommended Pro Medicus 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.
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