In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing, the benchmark index is up a sizeable 2.3% to 6,088.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
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IDP Education Ltd (ASX: IEL)
The IDP Education share price is down 2% to $19.30. This is despite there being no news out of the student placement and language testing company. However, with COVID-19 cases surging globally, investors may be concerned that its recovery from the crisis could take longer than first expected.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price has dropped 5.5% to $4.20. This morning the copper producer revealed that it has settled its dispute with Adriatic Metals. Sandfire has agreed to pay Adriatic $8.7 million. This dispute relates to proceeding CIV 1820 of 2020 brought by Sandfire against Adriatic in the Supreme Court of Western Australia.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down over 2% to $2.11. This appears to be a case of profit taking after a massive gain on Monday. Investors were buying the pharmaceuticals company's shares after it announced a strategic commercial partnership with China Grand Pharmaceutical and Healthcare Holdings. That agreement is for its portfolio of Molecularly-Targeted Radiation products and includes US$25 million up-front non-refundable prepayment to Telix. It also comes with up to US$225 million in regulatory and commercial milestone payments.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine Estates share price has dropped 2% to $9.05. This morning analysts at Ord Minnett retained their hold rating and $10.00 price target on the wine company's shares. It appears to believe that the Treasury Wine share price could struggle until China's investigation into wine dumping is complete.
