In afternoon trade on Wednesday the S&P/ASX 200 index has bounced back from yesterday's selloff. At the time of writing the benchmark index is up 0.6% to 7,035.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The Northern Star Resources Ltd (ASX: NST) share price is down almost 4% to $12.51. This follows the release of the gold miner's first quarter update on its Pogo operation. But perhaps the biggest catalyst for the decline was a pullback in the gold price overnight. Reduced demand for safe haven assets has weighed on the precious metal and gold miner shares. So much so the S&P/ASX All Ords Gold index is down 2.5% this afternoon.
The oOh!Media Ltd (ASX: OML) share price has dropped 7% to $3.35. Investors have been selling the outdoor advertising and media company's shares after it announced that its CEO and managing director, Brendon Cook, would be stepping down from the role this year. Mr Cook will remain in his current roles until the completion of a global executive search.
The Star Entertainment Group Ltd (ASX: SGR) share price is down over 2.5% to $4.05. This appears to have been driven by a broker note out of Ord Minnett. According to the note, it has downgraded its shares to a hold rating and trimmed the price target on them to $4.50. It appears concerned that weak consumer sentiment could be weighing on its performance.
The Treasury Wine Estates Ltd (ASX: TWE) share price has crashed 23% lower to $12.81. Investors have been heading to the exits after the wine company downgraded its FY 2020 EBITS guidance. A tough first half in the United States means Treasury Wine expects EBITS growth of just 5% to 10% in FY 2020. This compares to its previous guidance of 15% to 20% growth.
