In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) looks set to start the new financial year on a positive note. At the time of writing the benchmark index is up 0.9% to 5,949.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The Avita Medical Ltd (ASX: AVH) share price is down 2% to $8.82. This follows its debut on the Nasdaq index overnight after successfully redomiciling. Avita is a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications.
The Brickworks Limited (ASX: BKW) share price is down 2% to $15.52. This decline may be the result of a spot of profit taking after the company's shares surged notably higher on Tuesday. Investors were buying Brickworks' shares after its joint venture with Goodman Group (ASX: GMG) signed a 20-year agreement with ecommerce giant Amazon.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is down 3.5% to $31.73. Investors may be taking a bit of profit off the table after some very strong gains over the last 12 months. In fact, the medical device company was among the best performers on the index during the 2019-20 financial year with a gain of more than 100%.
The WiseTech Global Ltd (ASX: WTC) share price has continued its slide and is down a further 4% to $18.55. Investors have been selling the logistics solutions company's shares over the last couple of days after it revealed heavy insider selling. According to the notice, over the past few trading days its founder and CEO, Richard White, has sold almost $46 million worth of shares. The chief executive has not provided an explanation for the sales. Though, it is worth noting that Mr White does still own approximately 151 million WiseTech shares.
