In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the year on a high. The benchmark index is up 0.9% to 6,645.4 points at the time of writing.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price is down 2.5% to $17.06. Investors have been selling this corporate travel booking company's shares after COVID-19 spread from New South Wales and into Victoria. This has sparked concerns that the domestic travel market recovery could take longer than expected. In addition, rising cases in Europe and the United States is impacting investor sentiment.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price has sunk almost 13% lower to $4.84 after providing an update on a takeover approach by SS&C Technology Holdings. Last month the NASDAQ listed global provider of investment and financial software made a conditional offer of $5.65 per share to acquire 100% of Link. While management felt the offer undervalued the company, it granted SS&C Technology due diligence. However, this morning it revealed that the takeover proposal has now been withdrawn.
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is down 3.5% to 27 cents following an update on its West Erregulla operations. According to the release, an unexpected significantly over-pressured gas column has been intercepted. As this has the potential to exceed the current design tolerance of its existing well, the company has suspended drilling while additional engineering is undertaken.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
The Sydney Airport share price is down 1% to $6.33. This also appears to be due to concerns over the recovery of the domestic travel market. With Victoria closing its border to New South Wales, Australia's busiest travel route will be largely out of action for the near term.
