In early afternoon trade the S&P/ASX 200 index is on course to record a strong gain. At the time of writing the benchmark index is up 1.7% to 6,431.4 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Corporate Travel Management Ltd (ASX: CTD) share price is down over 2% to $12.00. The corporate travel specialist’s shares have come under pressure today after trading ex-dividend for its latest pay out. Eligible shareholders can now expect to be paid a partially franked 18 cents per share dividend in just under six weeks on April 14.
The Jumbo Interactive Ltd (ASX: JIN) share price has fallen 4.5% to a 52-week low of $10.23. A decent portion of this decline can be attributed to its shares also trading ex-dividend this morning. The online lottery ticket seller will be paying eligible shareholders a fully franked 18.5 cents per share dividend in around two weeks on March 20. Outside this, the Jumbo share price has come under pressure in recent months due to the narrowing of its margins following its investment in growth opportunities.
The Mesoblast limited (ASX: MSB) share price is down 2% to $2.25. The regenerative medicine company’s shares have been on a downward trend since the release of its half year results. Those results revealed a 43% increase in revenues to US$19.2 million but a sizeable loss after tax of US$30.1 million.
The Westgold Resources Ltd (ASX: WGX) share price is down 3% to $2.03. This appears to be due to profit taking after a solid gain on Wednesday. Investors were buying the gold miner’s shares following an update on its Cue Gold Operations at the Big Bell underground mine. That update revealed that sub level cave stoping has recommenced, paving the way for the planned ramp up in mine output.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia has recommended Jumbo Interactive Limited. 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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