In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.5% to 6,677.4 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
Emerge Gaming Ltd (ASX: EM1)
The Emerge Gaming share price is down 9% to 9 cents. Investors have been selling the eSports and gaming company’s shares after it provided another subscriber update for its MIGGSTER platform. Emerge Gaming has now surpassed 50,000 paid subscribers, with the majority on annual plans. However, this still represents only a fraction of the 6 million+ pre-registrations the company received.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 4% to $16.14. A number of travel shares have come under pressure today, possibly due to profit taking after some strong gains recently. Also weighing on Flight Centre’s shares is news that it has been dumped out of the ASX 100 index at the quarterly rebalance.
Medical Developments International Ltd (ASX: MVP)
The Medical Developments International share price is down 7% to $6.60. This decline has been driven by the completion of a capital raising. The healthcare company has raised approximately $25 million via a placement to new and existing investors in Australia and internationally. It raised the funds at an 8.5% discount to its last close price of $6.50 per new share. The proceeds will be used to support the commercialisation of its Penthrox product in Europe.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price has fallen 4% to $3.31. This morning the payments company released a trading update which revealed that transaction volumes are up 18% month to date on a same day on day basis. While this is solid growth, it is still trailing its pre-COVID growth rates.
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More reading
- ASX 200 up 0.55%: Altium update, Afterpay jumps, NAB given ACCC approval
- The Emerge Gaming (ASX:EM1) share price is on a rollercoaster ride today
- Why the Medical Developments International (ASX:MVP) share price is sinking lower
- These are the 10 most shorted shares on the ASX
- Quarterly rebalance: Afterpay (ASX:APT) added to ASX 20, Kogan (ASX:KGN) joins the ASX 200
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 Medical Developments International Limited and Tyro Payments. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Medical Developments International Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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