The S&P/ASX 200 Index (ASX: XJO) has dropped back from its highs but is still on course to record a gain. In afternoon trade the benchmark index is up 0.25% to 6,731.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Advance Nanotek Ltd (ASX: ANO)
The Advance Nanotek share price is down 6% to $3.90 despite there being no news out of the advanced materials company. However, Advance Nanotek has been struggling in FY 2021 due to lower demand for its products because of COVID-19. This is expected to lead to a sharp drop in profits during the first half.
Polynovo Ltd (ASX: PNV)
The PolyNovo share price has sunk a further 6% to $2.59. This medical device company's shares have come under significant pressure this week after the release of a trading update. While PolyNovo delivered a 31% increase in first half sales, it would have been much stronger had its second quarter performance not fallen short of expectations. Bell Potter was disappointing, it commented: "Polynovo announced a relatively disappointing trading update, with 1H FY21 sales growth of 31% vs the pcp well below our forecasts, consensus and management expectations".
Resolute Mining Limited (ASX: RSG)
The Resolute share price is down 8% to 70.5 cents after the release of a disappointing production update. Resolute achieved gold production of 89,888 ounces during the three months ended 31 December. This led to its calendar year production coming in at 395,136 ounces, which falls short of its downgraded guidance of 400,000 ounces. In 2021, management expects production to fall to between 350,000 to 375,000 ounces.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price crashed 12% lower to $2.32 before going into a trading halt. Investors were selling the payments company's shares today after it was the subject of a short seller attack. Viceroy Research claims that its payment terminals problem is far greater than the company is admitting. It alleges that Tyro has "bricked" ~50% of its terminals across the country via a software patch.
