In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is fighting hard to end the week in positive territory. At the time of writing the benchmark index is up 0.45% to 5,177.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The IDP Education Ltd (ASX: IEL) share price is down 4% to $14.11. This decline appears to be a case of profit taking after a very strong gain on Thursday. The student placement and language testing company's shares rocketed higher after it successfully completed a $225 million placement to institutional investors. These funds will be used to ensure the company is well-positioned to ride out the coronavirus storm.
The Kathmandu Holdings Ltd (ASX: KMD) share price has crashed 19% lower to 79.5 cents. The catalyst for this decline was the retailer's institutional placement and entitlement offer. It completed successfully and raised NZ$154 million. These funds were raised at a material discount of just 49 Australian cents per share. The proceeds will be used to deleverage its balance sheet and provide liquidity and funding for medium-term operating requirements.
The Nanosonics Ltd. (ASX: NAN) share price is down almost 3.5% to $5.97. This morning the infection control specialist provided a market update. That update revealed that third quarter sales were up significantly on the prior corresponding period. However, due to the coronavirus pandemic, it warned that its fourth quarter sales could be impacted. This is due to the limited access it has to hospitals.
The SKYCITY Entertainment Group Limited (ASX: SKC) share price has fallen 7% to $1.78. This follows the release of an update on the impact the coronavirus is having on the casino and resorts operator's operations. The company advised that it is losing almost NZ$90 million in revenue per month while its casinos are closed. In addition to this, it continues to incur significant costs such as utilities, lease payments and labour. Labour costs alone are around NZ$20 million per month.
