Why Air NZ, Evolution, Orora, & Suncorp shares are dropping lower

Evolution Mining Ltd (ASX:EVN) and Orora Ltd (ASX:ORA) shares are two of four dropping notably lower on Friday. Here’s why…

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Red and white arrows showing share price drop

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In late morning trade the benchmark index is up a sizeable 0.7% to 5,977.2 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:

The Air New Zealand Limited (ASX: AIZ) share price is down a further 2% to $1.42. Investors have been selling the airline operator’s shares since the release of its earnings guidance on Thursday. Air New Zealand advised that revenue and earnings will still be significantly lower than expected in FY 2020 because of the pandemic. It is expecting to report an underlying loss before significant items and tax of up to NZ$120 million.

The Evolution Mining Ltd (ASX: EVN) share price is down 1.5% to $5.22. This morning the gold miner released an update on its Mt Carlton operation. According to the release, recent drilling is indicating a reduction in approximately 75,000 ounces from the life of mine plan. As a result, production at the operation is now expected to be 60,000 ounces in FY 2020 (down from 70,000 to 75,000 ounces) and then 50,000 in FY 2021.

The Orora Ltd (ASX: ORA) share price has crashed 16% lower to $2.30. This decline has driven by the packaging company’s shares trading ex-dividend this morning for its special dividend. Eligible shareholders can now look forward to receiving the 37.3 cents per share dividend in their bank accounts on 29 June 2020.

The Suncorp Group Ltd (ASX: SUN) share price has fallen almost 1.5% to $9.63 despite there being no news out of the insurance and banking giant. This may be down to profit taking after a decent gain over the last 30 days. Prior to today, Suncorp’s shares were up 11% since this time in May.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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