In afternoon trade the S&P/ASX 200 Index (ASX: XJO) remains suspended following a system upgrade failure at the Australian stock exchange. Prior to the pause, the benchmark index was up a solid 1.2% to 6,484.3 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Aurelia Metals Ltd (ASX: AMI)
The Aurelia Metals share price is down almost 12% to 44.5 cents. Investors have been selling the gold mining and exploration company's shares after it completed its institutional placement and the institutional component of pro rata accelerated non-renounceable entitlement offer. Aurelia notes that it had strong institutional support, raising approximately $93 million at a discount of 43 cents per share. The proceeds will be used to fund the acquisition of the Dargues Gold Mine.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price is down 2.5% to $2.96 despite there being no news out of the medical device company. This may be due to profit taking after a strong gain on Friday following the release of a positive announcement. That announcement revealed that the US FDA has approved its pivotal trial investigation device exemption.
SKYCITY Entertainment Group Limited (ASX: SKC)
The SKYCITY share price has fallen 4% to $2.84. This morning the casino and resorts operator revealed that its chief executive officer, Graeme Stephens, will retire from the role at the end of the month. He will be replaced by its chief operating officer, Michael Ahearne. No explanation was given for the sudden departure of the chief executive officer.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 0.5% to $3.98. This is despite the release of a strong weekly trading update by the payments company. According to the release, as of 13 November, Tyro had recorded transaction value of $0.889 billion month to date. This was up 15% on the prior corresponding period.
