In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing the benchmark index is up 0.3% to 6,091.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Fortescue Metals Group Limited (ASX: FMG) share price has dropped 8% to $17.33. This decline is largely attributable to the iron ore producer's shares trading ex-dividend this morning. This means that its shares are now trading without the rights to its upcoming dividend. Eligible shareholders can look forward to being paid a final fully franked $1.00 per share dividend in October. Based on its last close price, this equates to a very generous 5.3% dividend yield.
The Openpay Group Ltd (ASX: OPY) share price is down 5.5% to $4.44 following the release of its full year results. This morning the buy now pay later provider reported record growth across leading indicators in FY 2020. Openpay's active plans grew 229%, active customers jumped 141%, and active merchants rose 52%. This led to total transaction value (TTV) growing 98% to a record of $192.8 million.
The Pointsbet Holdings Ltd (ASX: PBH) share price has fallen 8% to $12.88. This appears to have been driven by profit taking after an incredible gain last week. The sports betting company's shares rocketed 140% over the period thanks to the release of an impressive full year results and the announcement of a major deal with NBC Universal.
The Sezzle Inc (ASX: SZL) share price has dropped 7% to $10.52. This follows the release of the buy now pay later provider's half year results this morning. Despite Sezzle delivering strong underlying merchant sales growth and a sharp reduction in transaction losses, some investors appear to have been expecting even more today.
