The S&P/ASX 200 index has followed the lead of U.S. markets and is on course to record another strong gain on Friday. In afternoon trade the benchmark index is up 0.75% to 6,925.5 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Accent Group Ltd (ASX: AX1) share price is down 2.5% to $1.82 despite there being no news out of the footwear retailer. Today's decline is especially surprising given that the Australian Bureau of Statistics has just released better than expected retail sales figures for the December quarter. One of the highlights was clothing, footwear and personal accessory retailing, which rose 3.1% during the quarter.
The Evolution Mining Ltd (ASX: EVN) share price has fallen almost 7.5% to $3.53. A decline in the gold price and the release of its December quarter update are weighing on the gold miner's shares on Friday. This morning Evolution revealed that issues at the Mt Carlton operation will weigh on its production in FY 2020. Management expects its full year production to come in at the low end of its guidance range.
The Pro Medicus Limited (ASX: PME) share price is down 2% to $23.54. This appears to be down to profit taking after a strong share price gain on Thursday. Today's decline means that the imaging software company's shares are now down a sizeable 39% from their 52-week high.
The Resolute Mining Limited (ASX: RSG) share price has dropped over 7% to $1.13. This decline appears to be due to further weakness in the gold price. This follows the softening of demand for safe haven assets after US-Iran tensions eased further. It isn't just Resolute that is dropping lower on Friday. In afternoon trade the S&P/ASX All Ords Gold index is down a sizeable 2.8%.
