The S&P/ASX 200 index has given back the majority of its morning gains and is trading marginally higher this afternoon. At the time of writing the benchmark index is up just 0.1% to 6,575.3.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Commonwealth Bank of Australia (ASX: CBA) share price has dropped over 3% lower to $76.91. Today’s decline is largely attributable to the banking giant’s shares trading ex-dividend this morning for its $2.31 per share fully franked final dividend. This dividend will now be paid to eligible shareholders in around six weeks on September 26.
The Magellan Financial Group Ltd (ASX: MFG) share price has dropped 6% lower to $56.07 after completing its $275 million institutional placement. The fund manager raised the money at a price of $55.20 per share, which represents a 6% discount to its dividend adjusted last traded share price. These funds will be used to support its newly announced Magellan High Conviction Trust and its new retirement product, amongst other things.
The Northern Star Resources Ltd (ASX: NST) share price has tumbled over 7% lower to $12.11. Northern Star and the rest of Australia’s gold miners have come under pressure today after the gold price dropped lower overnight. The precious metal was sold off after investor sentiment improved greatly following news that the U.S. was holding back tariffs on certain Chinese goods. The S&P/ASX All Ords Gold index is down a sizeable 4.5% today.
The Pact Group Holdings Ltd (ASX: PGH) share price has sunk 18.5% lower to $2.26 after the packaging company released a disappointing full year result. Although Pact delivered a 10% increase in revenue to $1,834 million, it posted a statutory net loss after tax of $290 million. This included after-tax non-cash asset impairments of $327 million. Next year the company expects a modest improvement in EBITDA.
Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.
One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…
Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully frankded yield...
Plus 3 more cheap bets that could position you to profit over the next 12 months!
See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.
- NEW: Free report names top 3 ASX dividend shares to buy for 2019
- Top analysts name their top 3 ASX blue chip shares for 2019
- Richest man alive issues dire warning
- 3 quality dividend shares to boost your income
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019