In afternoon trade the S&P/ASX 200 Index (ASX: XJO) looks set to end the week on a strong note. At the time of writing, the benchmark index is up 0.5% to 6,646.2 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
BetMakers Technology Group Ltd (ASX: BET)
The BetMakers share price is down 10% to 64 cents. Investors have been selling the company’s shares after an update on its potential game-changing acquisition of assets from Sportech. This morning BetMakers revealed that Sportech has received a takeover offer from Standard General. It has granted Standard General due diligence in the hope of receiving a firm offer.
Medical Developments International Ltd (ASX: MVP)
The Medical Developments International share price is down 4.5% to $6.61 following the release of a trading update. The healthcare company revealed that it has been struggling with COVID-19 related headwinds. As a result, its first half result is expected to be softer than the prior corresponding period.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 3.5% to $5.29. This may be due to profit taking after some strong gains by the airline operator over the last 30 days. In fact, even after today’s gain, the Qantas share price is up a sizeable 16% since this time last month. The reopening of domestic borders and positive COVID-19 vaccine news has given its shares a big boost.
Zip Co Ltd (ASX: Z1P)
The Zip share price has fallen almost 3% to $5.61. Investors have been selling the buy now pay later provider’s shares since the release of its November update on Wednesday. Zip reported a record result across all regions. This led to record transaction value of $577.1 million in November, up 44% on October and over 100% year on year. It appears as though investors were expecting even more from the company.
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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 Medical Developments International Limited and ZIPCOLTD FPO. The Motley Fool Australia has recommended Medical Developments International Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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