In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing the benchmark index is up 0.3% to 6,091.4 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Fortescue Metals Group Limited (ASX: FMG) share price has dropped 8% to $17.33. This decline is largely attributable to the iron ore producer’s shares trading ex-dividend this morning. This means that its shares are now trading without the rights to its upcoming dividend. Eligible shareholders can look forward to being paid a final fully franked $1.00 per share dividend in October. Based on its last close price, this equates to a very generous 5.3% dividend yield.
The Openpay Group Ltd (ASX: OPY) share price is down 5.5% to $4.44 following the release of its full year results. This morning the buy now pay later provider reported record growth across leading indicators in FY 2020. Openpay’s active plans grew 229%, active customers jumped 141%, and active merchants rose 52%. This led to total transaction value (TTV) growing 98% to a record of $192.8 million.
The Pointsbet Holdings Ltd (ASX: PBH) share price has fallen 8% to $12.88. This appears to have been driven by profit taking after an incredible gain last week. The sports betting company’s shares rocketed 140% over the period thanks to the release of an impressive full year results and the announcement of a major deal with NBC Universal.
The Sezzle Inc (ASX: SZL) share price has dropped 7% to $10.52. This follows the release of the buy now pay later provider’s half year results this morning. Despite Sezzle delivering strong underlying merchant sales growth and a sharp reduction in transaction losses, some investors appear to have been expecting even more today.
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More reading
- ASX 200 edges higher: Fortescue sinks, NAB sells MLC Wealth, Costa jumps
- Openpay share price drops after posting strong FY20 results
- Why the Fortescue share price is sinking over 7% lower today
- 3 under the radar ASX growth shares to buy today
- Sezzle share price on watch after explosive first half growth
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 Pointsbet Holdings Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and Sezzle Inc. 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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