After a poor start to the day, in early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing the benchmark index is up 0.35% to 5,963.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Altium Limited (ASX: ALU) share price is down 7% to $33.70. The electronic design software company's shares have come under pressure today after it warned that it was likely to fall short of consensus estimates in FY 2020. Altium advised that this is because the pandemic is impacting its performance during the latter weeks of the financial year. This is historically a strong period for sales.
The Australian Ethical Investment Limited (ASX: AEF) share price has fallen 6% to $8.49. Investors have been selling the ethical fund manager's shares after the release of its guidance for FY 2020. According to the release, it expects underlying profit after tax before performance fees to be between $6.8 million and $7.5 million. The mid-point of this range represents a 10% increase on the prior year. This compares to its first half profit growth of 38%.
The Flight Centre Travel Group Ltd (ASX: FLT) share price is down 4% to $13.06. A number of travel shares have come under pressure today. This could be due to concerns over a potential second wave of coronavirus in Victoria. If things were to get out of control, it could delay the recovery of domestic travel markets.
The Transurban Group (ASX: TCL) share price is down 2.5% to $14.77 despite the release of a decent trading update. According to the release, traffic volumes on its toll roads are improving now that restrictions are being eased. For the week commencing 14 June, traffic volumes across the company were down approximately 20% compared to the prior corresponding period. The company also revealed plans to pay a second half distribution of 16 cents per unit.
