The S&P/ASX 200 Index (ASX: XJO) has returned from the Christmas break in style and is storming higher. In late morning trade the benchmark index is up 0.65% to 6,708.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
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AVITA Medical Inc (ASX: AVH)
The AVITA share price is down 1% to $5.05. This regenerative medicine company's shares have come under pressure this year for a couple of reasons. The first was the negative impact that COVID-19 has had on the company's sales. The second was AVITA's removal from the ASX 200 index at the most recent quarterly rebalance. This will have led to selling from index-tracking ETFs and fund managers.
IDP Education Ltd (ASX: IEL)
The IDP Education share price has fallen over 1% to $20.33. This latest decline means the language testing and student placement services company's shares have now fallen over 20% since hitting a 52-week high in late November. This may be down to profit taking and concerns that the international student market will take longer to recover than first expected.
Over The Wire Holdings Ltd (ASX: OTW)
The Over The Wire share price has continued its poor run and is down a further 1% to $4.20. Investors have been selling the telecommunications, cloud and IT solutions provider's shares since the release of a trading update. Although that update reveals that the company expects to report a 22% to 28% increase in EBITDA in the first half, this has been boosted by acquisitions. Its existing businesses will deliver lower EBITDA than a year ago.
Viva Energy Group Ltd (ASX: VEA)
The Viva Energy share price has dropped 4% to $1.88 despite there being no news out of the fuel retailer. One broker that sees this share price weakness as a buying opportunity is Goldman Sachs. It recently maintained its buy recommendation and $2.40 price target on the company's shares. The broker notes that its shares trade at a meaningful discount to peers.
