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The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is edging higher in late morning trade. At the time of writing the benchmark index is up 0.1% to 6,084.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Tyro Payments Ltd (ASX: TYR) share price has fallen 3% to $3.31 after releasing its full year results. Although the payments company delivered a 15.1% increase in transaction value to a record $20.1 billion, it swung from first half positive EBITDA of $1.5 million to a full year EBITDA loss of $4.4 million. This was due to tough trading conditions in the second half because of the pandemic.
The Virtus Health Ltd (ASX: VRT) share price is down 5% to $3.04. This morning the fertility treatment company released its full year results and revealed reported EBITDA of $46.2 million. This was a 27.2% decline on the prior corresponding period. This was driven by the pandemic's impact on IVF treatments. Management advised that the estimated gross profit impact from COVID-19 restrictions was $14.6 million.
The Webjet Limited (ASX: WEB) share price has dropped 2.5% to $3.40. Investors may be nervous ahead of the online travel agent's full year results release on Thursday. Webjet is widely expected to post a big loss when it hands in its report card. Management's commentary around trading conditions and its outlook will be watched carefully no doubt.
The Westpac Banking Corp (ASX: WBC) share price has fallen 3.5% to $16.97. This follows the release of the banking giant's third quarter update this morning. Unaudited cash earnings for the quarter came in at $1.32 billion, which was higher than first half quarterly average of $497 million. The bank also revealed an impairment charge of $826 million and the cancellation of its interim dividend.
