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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another very strong gain. At the time of writing the benchmark index is up 1.3% to 6,018.3 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Austal Limited (ASX: ASB) share price is down over 3% to $3.37. The shipbuilder's shares have come under pressure since it announced the retirement of its CEO on Wednesday. Austal has found its replacement already, though. Chief Operating Officer, Patrick Gregg, will take over from the retiring David Singleton on 1 January 2021. Until then, Mr Singleton will continue to work closely with his replacement to ensure there is a smooth handover.
The Ecofibre Ltd (ASX: EOF) share price has crashed 7% lower to $2.88. This morning the hemp products company advised that the protests in the United States are expected to impact near term sales in its core Ananda Health business. In light of this, Ecofibre has withdrawn its second half guidance.
The Northern Star Resources Ltd (ASX: NST) share price is down 7% to $13.27. Investors have been selling Northern Star and the rest of the gold miners on Wednesday after the price of the precious metal sank lower. Improving risk appetite is weighing heavily on the price of gold and other safe haven assets. At the time of writing the S&P/ASX All Ordinaries Gold index is down 3.8%.
The Nufarm Limited (ASX: NUF) share price has dropped almost 9% to $5.01. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded Nufarm's shares to an underperform rating with a $4.85 price target. Its analysts appear concerned over the company's prospects in the important fourth quarter.
