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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is following the lead of U.S. markets and pushing notably higher. At the time of writing the benchmark index is up 1% to 5,979.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The Domain Holdings Australia Ltd (ASX: DHG) share price has continued its slide and is down almost 4% to $3.03. Investors continue to sell the property listings company's shares amid concerns its performance could be negatively impacted by the spike in coronavirus cases in Victoria. Domain is understood to have a strong presence in the Melbourne market.
The OceanaGold Corp (ASX: OGC) share price has crashed 7% lower to $3.25. The catalyst for this was an announcement by the gold miner which reveals that the Philippines Court of Appeals has denied its application for an injunction for its Didipio operation. OceanaGold was hoping for an injunction to allow its operations to continue while it challenges an order to restrain activities at the site.
The Praemium Ltd (ASX: PPS) share price is down 6% to 44.5 cents following the release of its fourth quarter update. According to the release, global platform funds under administration reached $8.9 billion at the end of the quarter. This was an increase of 8% and driven by net inflows of $459 million and positive market movements of $400 million.
The TechnologyOne Ltd (ASX: TNE) share price has dropped 5% to $8.31. Investors have been selling the enterprise software company's shares after Hong Kong research firm GMT Research alleged that it is using accounting tricks to pull forward revenue and profits. TechnologyOne has responded by advising that the claims GMT Research has made are false and misleading. It intends to refer the matter to ASIC.
