In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small gain. At the time of writing the benchmark index is up 0.15% to 6,119.6 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The G8 Education Ltd (ASX: GEM) share price has fallen 9% to 88.5 cents. The childcare operator’s shares have come under significant pressure today after it posted a half year loss of $239 million. This was driven largely by the impact of the pandemic and subsequent restrictions on the early childhood industry.
The Monash IVF Group Ltd (ASX: MVF) share price is down 9% to 57.5 cents following the release of its full year results. During FY 2020, the fertility treatment company’s revenue was impacted by the disruption caused by the pandemic and the departure of key specialists in Victoria. Monash IVF reported a net profit after tax of $11.7 million, which was down 40.9% on the prior corresponding period.
The NIB Holdings Limited (ASX: NHF) share price is down 7.5% to $4.45. Investors have been selling the private health insurer’s shares after releasing a weaker than expected full year result. For the 12 months ended 30 June 2020, NIB posted a net profit after tax of $89.2 million. This was down 40.3% on the prior corresponding period and fell short of the market consensus estimate of $95.02 million.
The Uniti Group Ltd (ASX: UWL) share price has tumbled 6.5% lower to $1.53. Investors have been selling the telco challenger’s shares despite it announcing the quadrupling of its sales in FY 2020. While this was predominantly driven by a series of major acquisitions during the year, it did record organic growth in the second half. Investors appear to have been expecting an even stronger result.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended NIB Holdings Limited. 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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