The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its strong form and is notably higher in afternoon trade. At the time of writing the benchmark index is up a sizeable 1.1% to 6,092.4 points.
Four shares that have failed to follow the market higher on Thursday are listed below. Here's why they have tumbled lower:
The AGL Energy Limited (ASX: AGL) share price is down 4.5% to $21.28 following the release of its half year results. The energy retailer posted a 53% decline in statutory profit after tax to $290 million, due largely to negative movements in the fair value of financial instruments. While underlying profits were up 10%, investors appear disappointed with its free cash flow and high levels of customer churn.
The AVZ Minerals Ltd (ASX: AVZ) share price has dropped 12.5% to a 52-week low of 4.2 cents. This latest decline means the lithium-focused mineral exploration company's shares have lost 87% of their value since peaking at 33 cents around a year ago. Investors appear to doubt that its Manono project will ever be commissioned due to being located a significant distance from ports in a country with poor infrastructure.
The Catapult Group International Ltd (ASX: CAT) share price has crashed 19% lower to 63.5 cents after announcing the shock resignation of Joe Powell as its CEO after less than two years in the role. According to the release, the Catapult board and Mr Powell agreed that now is the right time for someone new to lead the company through its next phase of growth.
The Pushpay Holdings Ltd (ASX: PPH) share price has dropped 7% to $3.25 despite the release of a positive trading update. This morning the payment solutions company revealed that revenue increased 35.2% on the prior corresponding period to US$27.7 million during the third quarter. It also advised that it expects to report a sizeable profit after tax for the full year. However, this is related to an unrecognised deferred tax asset of US$18.5 million that needs to be recognised following accounting changes.
