In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.55% to 6,534 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price is down 3.5% to $14.19. Investors have been selling the infant formula and fresh milk company’s shares following the release of its annual general meeting update. A2 Milk continues to expect first half revenue of NZ$725 million to NZ$775 million and full year revenue of NZ$1.80 billion to NZ$1.90 billion. However, management has warned investors that a strong second half is needed to achieve its guidance. This will be dependent on an improvement in the daigou channel and continued growth in its China label business.
ALS Ltd (ASX: ALQ)
The ALS share price is down almost 3% to $9.51 following the release of its half year results. For the six months ended 30 September, the testing services company reported an 8.7% decline in revenue from continuing operations to $838.8 million. On the bottom line and on an underlying basis, the company’s net profit after tax from continuing operations was down 17.9% to $80.6 million. COVID-19 headwinds weighed heavily on its first half performance.
Centuria Industrial REIT (ASX: CIP)
The Centuria Industrial REIT share price has fallen 2.5% to $3.07 after returning from its trading halt. The industrial property company’s shares were halted whilst it undertook a fully underwritten institutional placement. The company raised approximately $125 million at a price of $3.06 per new share. The proceeds will be used to partly fund the acquisition of three cold storage industrial facilities for $171.1 million.
Serko Ltd (ASX: SKO)
The Serko share price has dropped 2% to $5.16 following the release of its half year results. For the six months ended 30 September, the travel and expense technology solution provider reported a 66% decline in total operating revenue to NZ$5.1 million. This was driven by a 77% decline in travel booking volumes. Positively, Serko currently has a cash balance of NZ$90 million and believes it is well-placed for an anticipated travel market recovery.