In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on form again and pushing higher. At the time of writing the benchmark index is up 1.1% to 6,188.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The A2 Milk Company Ltd (ASX: A2M) share price has fallen 6.5% to $18.21. Investors have been selling a2 Milk Company's shares despite the release of another strong full year result. The infant formula company delivered a 32.8% increase in revenue to NZ$1,730 million and a 34.1% increase in net profit after tax of NZ$385.8 million. This was largely in line with expectations. It appears as though investors were betting on the company outperforming expectations.
The Kogan.com Ltd (ASX: KGN) share price has fallen almost 5% to $21.90. This follows news that the company's CEO and CFO have offloaded a considerable number of shares. Ruslan Kogan and David Shafer have sold approximately 7.3 million shares in the company. This reflects ~6.9% of the shares on issue. Despite the sales, they remain the company's largest shareholders.
The Nearmap Ltd (ASX: NEA) share price has crashed 14% lower to $2.31. The aerial imagery technology and location data company released its full year results this morning and delivered solid top line growth. However, on the bottom line, Nearmap reported a sizeable statutory loss after tax of $36.7 million. This compares to a loss of $14.9 million in FY 2019. It was due to increased expenses as it invests across the business to build the foundations for scalable growth.
The Resolute Mining Limited (ASX: RSG) share price has plunged 19% lower to $1.09. Investors have been heading to the exits in their droves amid news that Mali's President Ibrahim Boubacar Keïta has resigned, after being detained by mutinying soldiers. Resolute's key Syama gold operations is based in the country.
