In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing, the benchmark index is up 1.1% to 6,634.7 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
ASX Ltd (ASX: ASX)
The ASX share price is down almost 2% to $77.84. Investors have been selling the stock exchange operator’s shares this week after it confirmed that ASIC is conducting an investigation into the ASX Trade outage on Monday 16 November 2020. ASX responded by saying that it acknowledges that this is appropriate given ASIC’s regulatory oversight.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 4.5% to $16.54. This ecommerce company’s shares continue to slide as investors rotate out of COVID-winners and into other areas of the market which have struggled in 2020. This latest gain means the Kogan share price is now down 20% since the start of the month.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is down is down 5% to 35.2 cents. This appears to have been driven by profit taking after a sizeable gain in November. Speculation that the department store operator could be a takeover target has led to its shares surging over 50% higher since the start of the month.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price has sunk almost 7% lower to $13.00. Investors have been selling the gold miners today after AstraZeneca provided an update on its COVID-19 vaccine candidate. One dosing regimen was found to be 90% effective at preventing the virus. Given its low cost and easy storage, this has sparked hopes that the pandemic will be brought to an end next year. It isn’t just Northern Star tumbling lower. The S&P/ASX All Ordinaries Gold index is down 5.6% at the time of writing.
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Returns as of 6th October 2020
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 Kogan.com ltd. The Motley Fool Australia has recommended Kogan.com 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.