The S&P/ASX 200 Index (ASX: XJO) is on course to start the month in a positive fashion. In afternoon trade, the benchmark index is up 0.8% to 7,105.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Dubber Corp Ltd (ASX: DUB)
The Dubber share price is down 8% to $1.35. Investors have been selling this call recording software company’s shares following the release of its half year results. While those results revealed strong top line growth, they also showed that Dubber’s half loss had quadrupled to $31 million.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is down almost 5% to $4.07. This is despite there being no news out of the gold miner on Tuesday. However, with investors flooding back into risk assets today, safe haven assets have taken a hit. It isn’t just Evolution that is falling. The S&P/ASX All Ordinaries Gold index is down almost 2% this afternoon.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is down almost 13% to $5.84. Investors have been selling this copper miner’s shares after brokers responded negatively to its recent results. One of those is JP Morgan, which has retained its sell rating and cut its price target to $5.00. Not only were the miner’s results below its forecasts, the interim dividend of 3 cents per share was 2 cents less than it was expecting.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 5.5% to $2.09. This morning the buy now pay later provider’s shares returned from a trading halt following the completion of a ~$150 million institutional placement. These funds were raised at a 14% discount of $1.90 per share and will be used to support its growth. The market has also given a lukewarm response to news that Zip has signed an agreement to acquire Sezzle Inc (ASX: SZL).
The post Why Dubber, Evolution, Sandfire, and Zip shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Leading brokers name 3 ASX shares to sell today
- Here’s why ASX gold shares just had their best month in 2 years
- Why is the Sezzle (ASX:SZL) share price falling following Zip’s takeover offer?
- Why is the Sandfire (ASX:SFR) share price fizzling 11% today?
- ASX 200 (ASX:XJO) midday update: Zip shares tumble, AUSTRAC takes aim at Crown
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. owns and has recommended Dubber Corporation and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Dubber Corporation. 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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