Thanks to the positive reaction to this weekend’s surprise election result, in afternoon trade the benchmark S&P/ASX 200 index is on course to record an impressive gain. At the time of writing the index is up 1.65% to 6,470.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have dropped lower:
The Incitec Pivot Ltd (ASX: IPL) share price has dropped over 3% to $3.22 after the manufacturer and distributor of industrial explosives, industrial chemicals, and fertilisers released its first half results. Incitec Pivot posted first half EBIT of $119 million, down from $240 million in the prior corresponding period. Although the market wasn’t expecting a strong result, this still appears to have fallen short of expectations. A note out of Goldman Sachs reveals that it was expecting EBIT of $134 million in the first half.
The Nearmap Ltd (ASX: NEA) share price has tumbled 4.5% to $3.66 despite there being no news out of the aerial imagery technology and location data company. I suspect that today’s decline could be down to profit taking from some investors. After all, the Nearmap share price has almost quadrupled in value over the last 12 months.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is down 3.5% to $7.54. This morning the airport operator released its traffic data for the month of April and revealed a small rise in passenger numbers. Whilst this wasn’t the strongest update, I suspect a lot of the selling could be from investors rotating out of unfranked dividend shares to fully franked options following Labor’s defeat this weekend.
The Webjet Limited (ASX: WEB) share price has fallen 4.5% to $15.89. Today’s decline appears to be in response to concerns that its strategic partner Thomas Cook could struggle to survive through the northern hemisphere’s summer holiday season. Its shares sank a whopping 40% lower on Friday after analysts at Citi described its shares as “worthless”.
Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.
Stock #1 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…
Stock #2 is another high-growth business trading near a 52-week low all while offering a 4.7% grossed-up 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
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Sydney Airport Holdings Limited. The Motley Fool Australia has recommended Nearmap Ltd. and Webjet Ltd. 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