In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. At the time of writing, the benchmark index is up 0.6% to 6,830.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
Galilee Energy Ltd (ASX: GLL)
The Galileee Energy share price is down 2.5% to 78 cents. This is despite a positive announcement by the oil and gas exploration company this morning relating to its Glenaras multi well pilot programme in the Galilee Basin. According to the release, following recent heavy rainfall, all council roads have now been re-opened and equipment and subcontractor mobilisations are currently underway.
Hansen Technologies Limited (ASX: HSN)
The Hansen share price is down 2% to $5.40 despite there being no news out of the company. However, with the billing technology company's shares up strongly this year, this decline could be due to profit taking. Prior to today, the Hansen share price was up almost 50% since the start of the year.
Polynovo Ltd (ASX: PNV)
The Polynovo share price has fallen 3.5% to $2.90. This also appears to have be a case of profit taking after some strong recent gains. After a 5% gain on Thursday, the medical device company's shares were up an impressive 28% in the space of just over two weeks. A further expansion in Europe and a deal with Premier Inc have supported its shares.
TPG Telecom Ltd (ASX: TPG)
The TPG Telecom share price has sunk over 7% to $6.37. Investors have been selling the telco's shares on Friday after the shock resignation of its Founder and Chairman, David Teoh. Mr Teoh revealed that he felt that "now would be the right time…to step aside and pursue other interests." Replacing Mr Teoh will be board member Canning Fok. David Teoh described Fok as "one of the most capable business leaders in the world."
