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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. At the time of writing, the benchmark index is up 0.4% to 5,986.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The BHP Group Ltd (ASX: BHP) share price is down 1.5% to $35.71. A number of resources shares have come under pressure today and are acting as a drag on the market. Not even positive broker notes out of Goldman Sachs and UBS have been enough to take the BHP share price higher. In respect to the latter, UBS has put a buy rating and $41.00 price target on its shares.
The Estia Health Ltd (ASX: EHE) share price is down 2% to $1.43. This decline may be in response to the Federal Budget last night. The Morrison government has pledged to spend $1.6 billion to fund at-home care for older Australians. This could lead to lower demand for Estia Health's aged care centres if more people decide to stay at home.
The Newcrest Mining Limited (ASX: NCM) share price has dropped 3% to $30.17 after a pullback in the spot gold price overnight. This was driven by increasing U.S. Treasury yields. Newcrest isn't the only gold miner dropping lower. The S&P/ASX All Ordinaries Gold index is currently down 1.7% at the time of writing.
The Starpharma Holdings Limited (ASX: SPL) share price has fallen 1.5% to $1.50. This morning the dendrimer products developer announced the opening of its share purchase plan. Starpharma advised that the offer price under the plan is $1.50 per new share. This is the same issue price as its institutional placement and represents a discount of 6.5% to the closing price of its shares on 25 September. However, due to a decline since then, the issue price is now equal to its current share price.
