The S&P/ASX 200 Index (ASX: XJO) has fought back from a weak start and is on course to end the week on a positive note. In afternoon trade the benchmark index is up 0.2% to 6,559 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down over 2% to $17.91. This morning the ecommerce company held its annual general meeting and defended the issuing of options to its CEO and CFO. The options were narrowly approved by shareholders. However, its renumeration report was given a first strike with 43.74% votes against it. Kogan also provided a trading update which revealed that its strong growth has continued during the first four months of FY 2021, albeit at a slightly slower rate to the first two months.
Oil Search Limited (ASX: OSH)
The Oil Search share price has fallen 5% to $3.54. This follows a touch of weakness in oil prices overnight and the release of a bearish broker note out of Credit Suisse this morning. Its analysts have downgraded the energy producer's shares to an underperform rating with a $3.10 price target.
Orica Ltd (ASX: ORI)
The Orica share price has dropped 4% to $16.29 following the release of its full year results. For the 12 months ended 30 September, the commercial explosives company reported a 31% decline in net profit after tax to $168 million. Orica's Chief Executive, Alberto Calderon, advised that the company was battling extremely difficult conditions as COVID-19 severely impacted its customers in the emerging markets countries.
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
The Washington H. Soul Pattinson share price has fallen 4% to $28.02 after Regis Healthcare Ltd (ASX: REG) rejected its takeover approach. The investment house tabled an offer of $1.85 per share, but the aged care operator believes it undervalues the company. Judging by the share price reaction, Washington H. Soul Pattinson shareholders don't appear keen on the move.
