The S&P/ASX 200 index is pushing higher in afternoon trade. At the time of writing the benchmark index is up 0.15% to 7,124.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Citadel Group Ltd ASX: CGL) share price has crashed 20.5% lower to $4.68. Investors have been selling the software and services company's shares following the announcement of an underwritten placement to fund the $200 million acquisition of UK-based Wellbeing Software Group. Citadel has raised approximately $127 million at $4.65 per new share. This was a 21.2% discount to the last close price.
The Coles Group Ltd (ASX: COL) share price has tumbled 4% lower to $16.07. The catalyst for this was news that Wesfarmers Ltd (ASX: WES) has completed the sale of a 4.9% stake in the supermarket giant. The conglomerate received $16.08 per share, which was a discount of 4% to its last close price. This valued the shares at approximately $1,050 million. Wesfarmers expects to recognise a pre-tax profit on sale of ~$160 million. It retains a 10.1% stake and a seat on the board.
The Nearmap Ltd (ASX: NEA) share price has fallen 6.5% to $1.76. This morning the aerial imagery technology and location data company released its half year results and revealed a net loss of $18.6 million. This was notably higher than last year's loss after tax of $1.97 million. Management blamed the loss on higher operating costs and the acceleration of capture cost amortisation. It expects the loss to narrow in the second half.
The WiseTech Global Ltd (ASX: WTC) share price is down a massive 21% to $23.18. This follows the release of its half year results this morning. Although the logistics solutions company delivered solid profit growth during the half, it was forced to downgrade its guidance due to the impact of the coronavirus outbreak.
