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The S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a very positive note. At the time of writing the benchmark index is up 0.75% to 5,798.7 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 A2 Milk Company Ltd (ASX: A2M) share price is down 2% to $17.34. This decline appears to have been caused by profit taking after some very strong gains in 2020. Even after today's decline, a2 Milk Company's shares are up almost 24% since the start of the year. Investors have been buying the company's shares after it reported strong sales growth during the pandemic.
The Freedom Foods Group Ltd (ASX: FNP) share price is down almost 5% to $3.54. The diversified food company's shares have come under pressure since the release of a trading update at the end of last week which revealed weaker than expected sales. In addition to this, the company warned that its margins had been negatively impacted by an unfavourable sales mix.
The Scentre Group (ASX: SCG) share price has fallen 3.5% to $2.17. A number of real estate shares have come under pressure today. This appears to have been caused by an announcement by Vicinity Centres (ASX: VCX). The shopping centre operator is raising $1.4 billion to help it navigate the pandemic. It also warned that preliminary asset revaluations indicate an aggregate reduction in asset value of up to $2.1 billion.
The TPG Telecom Ltd (ASX: TPM) share price is down over 3% to $8.22. This appears to be down to profit taking after a strong share price gain over the last month. Investors have been buying TPG Telecom's shares amid optimism that its merger with Vodafone Australia will be a success. It also plans to rewards shareholders with a special dividend ahead of the merger.
