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The S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain on Tuesday. At the time of writing the benchmark index is up 0.7% to 6,152.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Afterpay Ltd (ASX: APT) share price is down over 3% to $70.13. This decline may have been driven by one of its substantial shareholders selling down its stake. According to a notice, Lone Pine Capital sold around $35 million Afterpay shares during the month of July. Lone Pine Capital appears to have made a large profit on these sales after investing heavily near the bottom in March.
The Challenger Ltd (ASX: CGF) share price is down 3% to $4.20 after the release of its full year results. The annuities company posted an 8% decline in normalised net profit before tax to $507 million and a statutory loss after tax of $416 million. In FY 2021 Challenger expects to record a normalised net profit before tax in the range of $390 million to $440 million. This represents a 13.2% to 23% decline year on year.
The IVE Group Ltd (ASX: IGL) share price has crashed 17.5% lower to 66 cents. This morning the commercial printing company advised that Coles Group Ltd (ASX: COL) will be cease the distribution of its weekly catalogue. This is expected to hit IVE's revenue by approximately $35 million to $40 million per annum.
The Mesoblast limited (ASX: MSB) share price has plunged 21% lower to $3.85. The biotechnology company's shares have been sold off today despite there being no news out of it. This could be down to profit taking after some stellar gains over recent months. Alternatively, it could be due to nerves ahead of a meeting with the FDA later this week.
