In afternoon trade the S&P/ASX 200 Index (ASX: XJO) remains suspended following a system upgrade failure at the Australian stock exchange. Prior to the pause, the benchmark index was up a solid 1.2% to 6,484.3 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
Aurelia Metals Ltd (ASX: AMI)
The Aurelia Metals share price is down almost 12% to 44.5 cents. Investors have been selling the gold mining and exploration company’s shares after it completed its institutional placement and the institutional component of pro rata accelerated non-renounceable entitlement offer. Aurelia notes that it had strong institutional support, raising approximately $93 million at a discount of 43 cents per share. The proceeds will be used to fund the acquisition of the Dargues Gold Mine.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price is down 2.5% to $2.96 despite there being no news out of the medical device company. This may be due to profit taking after a strong gain on Friday following the release of a positive announcement. That announcement revealed that the US FDA has approved its pivotal trial investigation device exemption.
SKYCITY Entertainment Group Limited (ASX: SKC)
The SKYCITY share price has fallen 4% to $2.84. This morning the casino and resorts operator revealed that its chief executive officer, Graeme Stephens, will retire from the role at the end of the month. He will be replaced by its chief operating officer, Michael Ahearne. No explanation was given for the sudden departure of the chief executive officer.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 0.5% to $3.98. This is despite the release of a strong weekly trading update by the payments company. According to the release, as of 13 November, Tyro had recorded transaction value of $0.889 billion month to date. This was up 15% on the prior corresponding period.
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More reading
- ASX 200 up 1.2%: Afterpay ASIC response, Elders result, CSL vaccine facility
- Why the Polynovo (ASX:PNV) share price up 6% higher today
- Why Elders, Jumbo, Northern Star, & PolyNovo shares are charging higher
- 5 things to watch on the ASX 200 on Friday
- These were the best performing ASX 200 healthcare shares in October
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 POLYNOVO FPO and Tyro Payments. The Motley Fool Australia has recommended Sky City Entertainment Group 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.
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