In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is dropping lower. At the time of writing the benchmark index is down 0.2% to 5,806.9 points.
Four shares that have not been able to follow the market higher today are listed below. Here’s why they are dropping lower:
The Evolution Mining Ltd (ASX: EVN) share price has fallen 2.5% to $6.14. A slight softening of the gold price is weighing on the gold miners today. In other news, this morning Evolution responded to media speculation and confirmed that it has been evaluating the possible divestment of its Cracow gold mine.
The Iress Ltd (ASX: IRE) share price has fallen 2% to $11.00. This morning the financial technology company’s shares returned from a trading halt after raising $150 million via an institutional placement. These funds were raised at $10.42 per new share, which represents a discount of 7%. The proceeds will be used to acquire Onevue Holdings Ltd (ASX: OVH).
The Pro Medicus Limited (ASX: PME) share price is down 3% to $28.48. The catalyst for this appears to be a broker note out of UBS this morning. It has downgraded the healthcare imaging software provider’s shares to a neutral rating with a $29.65 price target. While the broker likes Pro Medicus and was pleased with its latest contract win, it isn’t a fan of its current valuation.
The Vicinity Centres (ASX: VCX) share price has returned from its trading halt and dropped 3.5% to $1.54. This follows the completion of the shopping centre operator’s $1.2 billion institutional placement. Vicinity raised the funds at $1.48 per share, which represents a discount of 8% to its last close price. The proceeds will be used to strengthen its balance sheet during the tough trading conditions it is facing.
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More reading
- ASX 200 down 0.1%: Big four banks drag ASX lower ahead of RBA meeting
- Why you might want to own ASX mining shares in 2020
- Forget cheap stocks. Why investors should watch ASX gold shares instead
- The latest ASX 200 stocks to be upgraded by top brokers
- ASX 200 up 0.6%: NAB charges higher, ACCC investigates Qantas acquisition
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended IRESS 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.
The post Why Evolution, Iress, Pro Medicus, & Vicinity shares are dropping lower appeared first on Motley Fool Australia.
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