The S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start and is pushing higher in late morning trade. At the time of writing the benchmark index is up 0.2% to 5,936.6 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Afterpay Ltd (ASX: APT) share price is down 3.5% to $75.47. Investors have been selling the payments company’s shares and other tech companies once again on Monday. This follows a further selloff on the tech-heavy Nasdaq index on Friday night. The S&P/ASX 200 Information Technology index is down 1.5% at the time of writing.
The ASX Ltd (ASX: ASX) share price has fallen almost 2.5% to $83.93. The catalyst for this decline is the stock exchange operator’s shares trading ex-dividend this morning for its final 122.5 cents per share fully franked dividend. Eligible investors can now look forward to being paid this dividend at the end of the month on 30 September.
The Mesoblast limited (ASX: MSB) share price is down over 2.5% to $4.82. This is despite there being no news out of the biotechnology company today. I suspect this decline could be attributable to profit taking after some very impressive gains over the last few months. Even after today’s decline, the Mesoblast share price is up a staggering 135% since the start of the year.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has fallen 2.5% to $5.72. Investors appear to be selling the airport operator’s shares after the Victorian government announced plans to extend its lockdowns. This is likely to mean that air travel between Melbourne and Sydney will continue to be subdued for some time to come. This extension could push back the airport’s recovery from the pandemic.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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