In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a strong gain. At the time of writing the benchmark index is up 1.5% to 6,281.4 points.
Four shares that have missed out on the rally today are listed below. Here’s why they are dropping lower:
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down almost 1% to $3.07 following the release of its latest funds under management update. According to the release, during October, the fund manager experienced net outflows of approximately $197 million. But thanks to favourable market movements, the company’s funds under management grew 1.3% month on month to $21,769 million.
ReadyTech Holdings Ltd (ASX: RDY)
The ReadyTech share price has fallen 2% to $1.96 after returning from a trading halt. The education and employment software as a service provider’s shares were halted last week whilst it launched a $25 million institutional placement at $1.88 per new share. This represents a 6.2% discount to its last close price. These funds will be used for the potential acquisitions of leading government-based software provider, Open Office, and justice case management software provider, McGirr.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price has dropped 1.5% to $4.04. Investors have been selling the gambling company’s shares after it experienced an outage over the weekend. The major outage impacted its TAB, Keno, and Gaming Services operations and systems from around 11:30am AEDT on Saturday. The majority of its services have now been restored. Management’s immediate focus is on ensuring the systems return to optimal service levels in coming days.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven share price is down almost 3% to $1.06 despite there being no news out of the coal miner. However, as I mentioned here earlier today, Whitehaven has recently become one of the most shorted shares on the Australian share market. Investors appears concerned by reports that China is banning Australian coal imports.
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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 Readytech Holdings Ltd. The Motley Fool Australia has recommended Readytech Holdings Ltd. 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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