In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decent gain. At the time of writing, the benchmark index is up 0.4% to 6,807.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
GQG Partners Inc (ASX: GQG)
The GQG share price is down 2.5% to $1.39. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has downgraded this fund managerâs shares to a neutral rating and slashed its price target by 19% to $1.55. Goldman notes that GQG’s strong franchise canât escape difficult market conditions.
Megaport Ltd (ASX: MP1)
The Megaport share price is down 16% to $7.11. Investors have been selling this network as a service providerâs shares following the release of its quarterly update. Megaport reported a 9% increase in monthly recurring revenue to $11.6 million during the first quarter. This took its annualised recurring revenue to $139 million. Investors may have been expecting even stronger growth.
Melbana Energy Ltd (ASX: MAY)
The Melbana Energy share price is down 10% to 7.3 cents. This morning this oil and gas exploration company responded to a price query request from the Australian share market operator. Melbana Energy advised that it could not explain the recent jump in its share price. Though, it has suggested that it could have been driven by comments on internet boards.
St Barbara Ltd (ASX: SBM)
The St Barbara share price has continued its slide and is down a further 6% to 49.5 cents. Investors have been selling this gold minerâs shares this week following a disappointing first quarter update. St Barbaraâs update revealed weaker than expected production and higher costs, which has led to its full year guidance being downgraded.
The post Why GQG, Megaport, Melbana Energy, and St Barbara shares are dropping today appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- Why Adbri, Rio Tinto, St Barbara, and Whitehaven Coal shares are dropping today
- Why are shares in ASX 200 gold miner St Barbara crashing 22% today?
- Here are the top 10 ASX 200 shares today
- Morgans names 2 ASX dividend shares to buy right now
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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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