In afternoon trade on Friday, the S&P/ASX 200 Index (ASX: XJO) is on track to record a strong gain. At the time of writing, the benchmark index is up a sizeable 0.85% to 6,822.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
Douugh Ltd (ASX: DOU)
The Douugh share price is down 3% to 16.5 cents after returning from a six-week suspension. The financial app company’s shares were down as much as 18% at one stage before recovering to current levels. Investors appear concerned with the progress (or lack thereof) of its app and an ASX investigation into listings breaches. This morning Douugh revealed that the profit from the sales of breached shares will be donated to charity.
Janus Henderson Group CDI (ASX: JHG)
The Janus Henderson share price has fallen 4% to $40.90. Last night the fund manager released a strong fourth quarter update which revealed operating income of US$227 million. This was up 45% on the third quarter and 47.1% on the prior corresponding period. Taking the shine off this profit result was news that one of its largest shareholders is selling its entire stake.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 2% to $11.86. Investors have been selling Northern Star and other gold miners today after the spot gold price pulled back overnight. At the time of writing, the S&P/ASX All Ordinaries Gold index is down 0.7%.
Orocobre Limited (ASX: ORE)
The Orocobre share price has dropped 5% to $4.78 despite there being no news out of the lithium miner. However, earlier this week analysts at Morgans downgraded the company’s shares to a hold rating with a $5.15 price target. It made the move on valuation grounds after recent share price strength.