In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the month on a high. At the time of writing the benchmark index is up 2.5% to 5,201.79 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Jumbo Interactive Ltd (ASX: JIN) share price is down 3% to $9.14 following the release of its guidance for FY 2020. The online lottery ticket seller expects to deliver revenue of $68.5 million to $69.9 million and net profit after tax of $24.4 million to $25.3 million. This compares to FY 2019’s revenue of $65.2 million and net profit after tax of $26.4 million. Management blamed the profit decline on lower large jackpots and increased expenses to support future growth.
The Monash IVF Group Ltd (ASX: MVF) share price is down 3% to 44.2 cents following the release of its third COVID-19 update in two weeks. This morning the company revealed that its fertility activity will be significantly impacted by the government’s decision to temporarily suspend all nonurgent elective surgery. In addition to this, Monash IVF has deferred the payment of its interim dividend until October.
The Regis Healthcare Ltd (ASX: REG) share price has tumbled 7% lower to $1.40. This follows the release of an update by the aged care provider this morning which revealed that it is withdrawing its earnings guidance. Regis will also defer the payment of its FY 2020 interim dividend until September. It believes this was the right thing to do given the current unprecedented economic and social environment.
The Ramelius Resources Limited (ASX: RMS) share price is down 5.5% to 95.5 cents. This morning the gold miner released its quarterly update. That update revealed that Rameliius achieved production of 51,825 ounces of gold during the March quarter. This compares to its guidance range of 50,000 to 55,000 ounces. Management reaffirmed its full year guidance, but warned that possible future coronavirus measures could disrupt its operations.
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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. recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and 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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