The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very positive note thanks to promising COVID-19 treatment news. In late morning trade the benchmark index is up a sizeable 2.5% to 5,550.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower on Friday:
The Coca-Cola Amatil Ltd (ASX: CCL) share price is down 2.5% to $8.96. Investors have been selling the beverage company's shares this morning following the release of a trading update. That update revealed that Coca-Cola Amatil has experienced a sharp decline in sales volume this month because of the coronavirus pandemic.
The Newcrest Mining Limited (ASX: NCM) share price is down 2.5% to $28.65. News of the potential COVID-19 treatment has led to investors scrambling to buy risk on assets again. This has put a lot of pressure on risk off assets like the gold miners. So much so, the S&P/ASX All Ordinaries Gold index is down 1.8% at the time of writing.
The Platinum Asset Management Ltd (ASX: PTM) share price has fallen almost 4.5% to $3.33. This morning analysts at Morgan Stanley retained their underweight rating and cut their price target on this asset manager's shares to $2.70. The broker believes that Platinum could experience fund outflows of around $2 billion in the second half of FY 2020.
The Whitehaven Coal Ltd (ASX: WHC) share price has dropped 4.5% to $1.77. Investors have been selling the coal miner's shares after analysts at Macquarie downgraded them to an underperform rating and cut their price target to $1.80. The broker made the move after its latest quarterly update fell short of expectations. As a result of this poor performance, the broker expects Whitehaven Coal to miss its production guidance for FY 2020.
