The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday and is storming higher in early afternoon trade. At the time of writing the benchmark index is up 0.8% to 5,993.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Jumbo Interactive Ltd (ASX: JIN) share price is down 3% to $13.51 despite there being no news out of the online lottery ticket seller. I suspect that this decline may be due to profit taking after some strong gains in recent weeks. For example, prior to today, the Jumbo share price was up 19% in the space of a month.
The St Barbara Ltd (ASX: SBM) share price has dropped 2.5% to $3.31. Investors have been selling St Barbara and a number of other gold miners today after the gold price softened. Improving investor sentiment appears to have led to investors switching out of safe haven assets on Tuesday.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has fallen 2.5% to $5.60. This morning the airport operator announced the completion of its $2 billion equity raising. Sydney Airport's Chairman, Trevor Gerber, was pleased with the success of the equity raising and believes it leaves the company well-placed to ride out the storm. He commented: "We would like to thank our securityholders for their continued support. The funds raised will enhance our financial resilience in these challenging times and ensure that we are strongly positioned when the recovery emerges."
The Uniti Group Ltd (ASX: UWL) share price is down 7% to $1.33. This morning the telco was dealt a major blow when superannuation fund First State Super made a last-minute takeover approach for Opticomm Ltd (ASX: OPC). Uniti looked to be close to sealing the $532 million acquisition of Opticomm and was scheduled to vote on the proposed acquisition on Thursday. That scheme meeting has now been postponed until further notice.
