In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decent gain. At the time of writing, the benchmark index is up 0.4% to 6,807.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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GQG Partners Inc (ASX: GQG)
The GQG share price is down 2.5% to $1.39. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has downgraded this fund manager's shares to a neutral rating and slashed its price target by 19% to $1.55. Goldman notes that GQG's strong franchise can't escape difficult market conditions.
Megaport Ltd (ASX: MP1)
The Megaport share price is down 16% to $7.11. Investors have been selling this network as a service provider's shares following the release of its quarterly update. Megaport reported a 9% increase in monthly recurring revenue to $11.6 million during the first quarter. This took its annualised recurring revenue to $139 million. Investors may have been expecting even stronger growth.
Melbana Energy Ltd (ASX: MAY)
The Melbana Energy share price is down 10% to 7.3 cents. This morning this oil and gas exploration company responded to a price query request from the Australian share market operator. Melbana Energy advised that it could not explain the recent jump in its share price. Though, it has suggested that it could have been driven by comments on internet boards.
St Barbara Ltd (ASX: SBM)
The St Barbara share price has continued its slide and is down a further 6% to 49.5 cents. Investors have been selling this gold miner's shares this week following a disappointing first quarter update. St Barbara's update revealed weaker than expected production and higher costs, which has led to its full year guidance being downgraded.
