In afternoon trade the S&P/ASX 200 index is pushing higher again. At the time of writing the benchmark index is up 0.25% to 6,967.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Afterpay Ltd (ASX: APT) share price is down 2.5% to $38.93 despite there being no news out of the payments company. However, in earlier trade the Afterpay share price hit an all-time high of $40.73. I suspect that this could have led to some investors taking a bit of profit off the table this afternoon.
The IOOF Holdings Limited (ASX: IFL) share price is down 3% to $7.27. The financial services company’s shares have come under pressure this week after providing its guidance for the first half. One broker that wasn’t overly impressed with its update was Ord Minnett. This morning the broker retained its lighten rating on IOOF’s shares.
The OM Holdings Limited (ASX: OMH) share price has fallen 5.5% to 41.5 cents. This morning the manganese company warned that the coronavirus outbreak could negatively impact its business. OM Holdings advised that there is a potential risk of disruption to the supply chain of raw materials to the company’s flagship smelter complex in Sarawak, Malaysia. This follows measures taken by China to contain the spread of the virus.
The Resolute Mining Limited (ASX: RSG) share price has dropped 4% to $1.05. Investors have been selling the gold miners on Wednesday after improving investor sentiment led to softening demand for safe haven assets. It isn’t just Resolute that is tumbling lower today, almost all of Australia’s leading gold miners are in the red. This has led to the S&P/ASX All Ords Gold index dropping a sizeable 2% lower this afternoon.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.