The S&P/ASX 200 index has returned to form on Tuesday and is pushing notably higher. At the time of writing the benchmark index is up 1.7% to 6,500 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Ansell Limited (ASX: ANN) share price is down 1.5% to $29.04. The catalyst for this decline appears to be a broker note out of the Macquarie equities desk this morning. According to the note, the broker has downgraded the health and safety products company’s shares to an underperform rating and trimmed the price target on them to $27.50. Macquarie believes that recent developments have put its organic revenue growth at risk.
The AVZ Minerals Ltd (ASX: AVZ) share price has crashed 13% lower to 7.8 cents. This morning the lithium-focused mineral exploration company advised that it has pushed back the “Sunset Date” for the satisfaction of conditions precedent on a $14.1 million investment by Yibin Tianyi Lithium Co. The two parties now have until March 31 to finalise everything. Management advised that this was to accommodate a request from Australia’s Foreign Investment Review Board for additional review time.
The Spark Infrastructure Group (ASX: SKI) share price is down almost 2.5% to $2.06. The utility infrastructure company’s shares have dropped lower today after they traded ex-dividend for its final unfranked dividend of 7.5 cents per share. In fact, if you were to take this dividend out of the equation, its share would be pushing over 2.5 cents or 1% higher today. Eligible shareholders can now look forward to being paid this dividend in 10 days on March 13.
The Virgin Money UK PLC (ASX: VUK) share price is down 2.5% to $2.96 on the back of no news. However, the bank’s UK listed shares fell by a similar margin during overnight trade. This latest decline means Virgin Money’s shares are now down 17% since the turn of the year.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ansell Ltd. 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.
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