In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has continued its remarkable run and is storming 1.45% higher to 6,432 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Bingo Industries Ltd (ASX: BIN)
The BINGO share price is down 1% to $2.65 following the release of its annual general meeting update. The waste management company's update was reasonably downbeat, with management continuing to expect COVID-19 headwinds to impact its business in 2021. In light of this, it expects its group EBITDA margin to decline by approximately 2% to 3% in FY 2021.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price has fallen 3% to $5.61. Investors have been selling the gold miners again on Wednesday despite a small rebound in the price of the precious metal. It appears as though safe haven assets are losing their allure due to the prospect of a working COVID-19 vaccine being released soon. The S&P/ASX All Ordinaries Gold index is down 1.7% today.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price has tumbled 5% lower to $44.18. The catalyst for this has been a broker note out of Macquarie this morning. According to the note, the broker has downgraded the retailer's shares to a neutral rating and cut the price target on them to $49.50. It believes consumer behaviour will return to normal in 2021 due to the aforementioned vaccine.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price has dropped 3% to $10.02. This also appears to have been driven by a broker downgrade. Analysts at Morgans have downgraded this retailer's shares to a hold rating and reduced the price target on them to $11.78. While it is expecting a strong holiday period, it believes a redirection of spending (post-vaccine) will slow its growth in 2021.
