The S&P/ASX 200 index is course to follow the lead of U.S. markets and record a strong gain. In afternoon trade the benchmark index is up 0.95% to 6,670.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are sinking lower:
The Collins Foods Ltd (ASX: CKF) share price is down 3% to $9.62. The catalyst for this appears to be the quick service restaurant operator’s shares going ex-dividend this morning for its interim dividend. Eligible shareholders can now look forward to being paid its 9.5 cents per share fully franked dividend on December 17.
The FBR Ltd (ASX: FBR) share price has crashed 15% to 4.5 cents. This morning the robotics company’s shares returned from a trading halt after successfully completing a capital raising. FBR raised $5.5 million via a placement and will now attempt to raise a further $5 million via a share purchase plan. These funds were raised at 4.5 cents per share. The share purchase plan is aiming to raise the extra $5 million at the same price. However, given that this is now the actual share price, it may struggle to find buyers.
The OceanaGold Corp (ASX: OGC) share price has fallen 4% to $2.75 despite there being no news out of it. Investors have been selling OceanaGold’s shares this year despite the rise in the gold price. The catalyst for this has been concerns over disruptions to its Philippines-based operations by protestors.
The Whitehaven Coal Ltd (ASX: WHC) share price is crashing lower and is down 11% to $2.67. The coal miner’s shares have been sold off today after it downgraded its guidance for FY 2020. Whitehaven Coal downgraded its guidance due to challenges sourcing experienced and skilled operators for its largest operation, Maules Creek. Dust-related events have also impacted its operations.
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Motley Fool contributor James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia has recommended Collins Foods 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.