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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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.

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It has been a volatile day of trade for the S&P/ASX 200 Index (ASX: XJO) on Tuesday. At lunch the benchmark index has given back its late morning gains and is now down 0.1% to 5,812.6 points.

Here’s what has been happening on the market today:

Bank shares drop lower.

The big four banks are trading lower ahead of the Reserve Bank’s meeting this afternoon. At lunch all of the big four are in the red and acting as a drag on the index. The worst performer in the group has been the Westpac Banking Corp (ASX: WBC) share price with a 1% decline.

ANZ asset sale.

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price is trading lower today after announcing an asset sale. ANZ has agreed to sell its New Zealand asset finance business, UDC Finance, to Japan’s Shinsei Bank for NZ$762 million. The sale will provide ~A$439 million (~10bps) of Level 2 Group CET1 capital at settlement. It will also release more than NZ$2 billion of funding provided by ANZ New Zealand.

Vicinity completes placement.

The Vicinity Centres (ASX: VCX) share price has dropped lower after returning from its trading halt. This follows the completion of its $1.2 billion institutional placement. These funds were raised at $1.48 per share, representing a discount of 8% to its last close price. Management advised that the equity raising will strengthen its balance sheet and provide the shopping centre operator with flexibility to respond to the uncertainty caused by COVID-19 and the evolving retail landscape.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been the Domain Holdings Australia Ltd (ASX: DHG) share price with an 8.5% gain. This may be down to better than expected Australian house price data. The worst performer has been the Vicinity share price with a 3.5% decline after its placement.

More reading

• ASX 200 investor in your 40s? 3 shares to buy now
• Why Evolution, Iress, Pro Medicus, & Vicinity shares are dropping lower
• Is the Newcrest Mining share price a buy?
• Is the NAB share price cheap today?
• ANZ share price climbs higher on asset sale

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. 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 ASX 200 down 0.1%: Big four banks drag ASX lower ahead of RBA meeting appeared first on Motley Fool Australia.

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing the benchmark index is up 0.25% to 5,832.9 points.

Four shares that have climbed more than most today are listed below. Here’s why they are pushing higher:

The Amaysim Australia Ltd (ASX: AYS) share price has jumped 11% to 35.5 cents. This follows media speculation that the telco company is about to offload its energy business. Amaysim responded to the speculation by confirming that it engaged Luminis Partners some time ago to assist the board with considering options to unlock shareholder value. This includes looking at options for the energy business. However, it stopped short of confirming that a deal is close to being done.

The Bingo Industries Ltd (ASX: BIN) share price has surged 6% higher to $2.68. The catalyst for this strong gain appears to be a broker note out of Citi on Monday. Its analysts upgraded Bingo’s shares to a buy rating with a $3.10 price target. Citi believes concerns over a market share war are unnecessary and appears positive on margin improvements over the long term.

The Brickworks Limited (ASX: BKW) share price has risen 2.5% to $16.03. This follows the release of a trading update this morning by the building products company. For the four months ending 31 May, its BP Australia sales were down 10% on the prior corresponding period. BP North America sales were up 26% (due to acquisitions) and down 30% on a like for like basis. Some investors may have been expecting worse.

The BlueScope Steel Limited (ASX: BSL) share price has stormed 5% higher to $11.76. Investors have been buying the steel producer’s shares after analysts at Ord Minnett reiterated their accumulate rating and $11.90 price target. According to the note, the broker feels that now could be a good time to invest. It believes the worst is behind the company.

More reading

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Brickworks. 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 Amaysim, Bingo, Brickworks, & BlueScope are pushing higher today appeared first on Motley Fool Australia.

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