In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. At the time of writing, the benchmark index is up 0.8% to 6,083.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The ARB Corporation Limited (ASX: ARB) share price is down 1% to $29.77. The catalyst for this decline appears to be a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the auto accessories company’s shares to a lighten rating with an improved price target of $24.00. Ord Minnett made the move on valuation grounds after a strong gain in recent months.
The Accent Group Ltd (ASX: AX1) share price is down 1% to $1.70. This is despite there being no news out of the footwear-focused retailer today. However, prior to today, the Accent share price was up over 34% since the start of August. This could mean that some investors have decided to take a bit of profit off the table today.
The Bigtincan Holdings Ltd (ASX: BTH) share price has fallen 1% to $1.33. This follows the announcement of an acquisition this morning by the sales enablement software platform provider. Bigtincan has entered into an agreement to acquire Denmark-based Agnitio for 15 million Danish kroner (A$3.3million). Agnitio is a pioneer in sales enablement for the life sciences sector, with sustainable annualised recurring revenue (ARR) of A$1.6 million.
The Transurban Group (ASX: TCL) share price has dropped over 1% to $13.98 following the release of its annual general meeting update. At the meeting the toll road operator revealed that its quarterly traffic volumes have made a significant improvement across the Sydney, Brisbane and North America markets since the period of peak restrictions. It also advised that it has commenced a process for the potential introduction of equity partners into its Greater Washington Area assets. It expects this to release significant capital into the business.
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Returns as of 6th October 2020
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 and recommends BIGTINCAN FPO. The Motley Fool Australia owns shares of Transurban Group. The Motley Fool Australia has recommended Accent Group, ARB Limited, and BIGTINCAN 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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