The S&P/ASX 200 Index (ASX: XJO) has started the week on a very positive note and is storming notably higher. At the time of writing the benchmark index is up 2.3% to 5,926.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Advance NanoTek Ltd (ASX: ANO) share price is down almost 2.5% to a 52-week low of $3.08. Investors have been selling the advanced materials company’s shares this year amid a collapse in demand for its zinc products from sunscreen manufacturers. This led to the company recently downgrading its guidance for FY 2021.
The Macquarie Telecom Group Ltd (ASX: MAQ) share price has dropped 3% lower to $47.07. This appears to have been driven by a report in the AFR in relation to a statement of claim filed in the Supreme Court of NSW. Cocoon Data has accused the company’s Government division of failing to honour the terms of an agreement for it to resell its Safe Share security platform. Instead, it alleges, Macquarie Telecom created its own copycat version, which was passed off as an incremental upgrade.
The Nick Scali Limited (ASX: NCK) share price has fallen almost 3% to $8.22. This decline is attributable in full to the furniture retailer’s shares trading ex-dividend this morning for its final dividend. Eligible shareholders can now look forward to being paid Nick Scali’s 22.5 cents per share fully franked dividend in approximately three weeks on 27 October 2020.
The Viva Energy Group Ltd (ASX: VEA) share price has crashed over 12% lower to $1.37. As with Nick Scali, this decline is due to the fuel retailer’s shares trading ex-dividend this morning. Viva Energy is not only paying a 5.9 cents per share dividend, it is also returning 21.46 cents per share of capital to shareholders. If you exclude these from the equation, Viva Energy’s shares would be up over 5% on Monday. The capital return was the result of the company divesting its stapled securities in Waypoint REIT (ASX: WPR).
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Advance NanoTek Limited. The Motley Fool Australia has no position in any of the stocks mentioned. 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.