The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is edging higher in late morning trade. At the time of writing the benchmark index is up 0.1% to 6,084.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Tyro Payments Ltd (ASX: TYR) share price has fallen 3% to $3.31 after releasing its full year results. Although the payments company delivered a 15.1% increase in transaction value to a record $20.1 billion, it swung from first half positive EBITDA of $1.5 million to a full year EBITDA loss of $4.4 million. This was due to tough trading conditions in the second half because of the pandemic.
The Virtus Health Ltd (ASX: VRT) share price is down 5% to $3.04. This morning the fertility treatment company released its full year results and revealed reported EBITDA of $46.2 million. This was a 27.2% decline on the prior corresponding period. This was driven by the pandemic’s impact on IVF treatments. Management advised that the estimated gross profit impact from COVID-19 restrictions was $14.6 million.
The Webjet Limited (ASX: WEB) share price has dropped 2.5% to $3.40. Investors may be nervous ahead of the online travel agent’s full year results release on Thursday. Webjet is widely expected to post a big loss when it hands in its report card. Management’s commentary around trading conditions and its outlook will be watched carefully no doubt.
The Westpac Banking Corp (ASX: WBC) share price has fallen 3.5% to $16.97. This follows the release of the banking giant’s third quarter update this morning. Unaudited cash earnings for the quarter came in at $1.32 billion, which was higher than first half quarterly average of $497 million. The bank also revealed an impairment charge of $826 million and the cancellation of its interim dividend.
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More reading
- Virtus share price falls 5% as earnings plummet
- Tyro Payments share price sinks on heavy FY 2020 loss
- ARB share price rallied to a two-year high on profit results and outlook
- 5 things to watch on the ASX 200 on Tuesday
- ASX shares to buy with $10,000 in August
James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Tyro Payments. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Virtus Health Limited. 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.
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