In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. At the time of writing, the benchmark index is up 0.3% to 6,654.9 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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Bapcor Ltd (ASX: BAP)
The Bapcor share price is down 3.5% to $6.84 despite there being no news out of the auto parts retailer. This latest decline means the Bapcor share price is now down a disappointing 16% since this time last month. Investors appear concerned that the COVID tailwinds it was experiencing may now ease given the prospect of vaccines being released in the near future. These tailwinds include an increase in domestic tourism and increased vehicle usage during the pandemic to avoid public transport.
Event Hospitality and Entertainment Ltd (ASX: EVT)
The Event share price has fallen 4% to $10.48 after providing an update on the sale of its Cinestar business. That update revealed that Vue International is seeking to renegotiate the terms of the acquisition of the Cinestar business. Vue also advised that it has stopped the divestment process of some of its sites. These divestments are required by regulators to complete the Cinestar purchase.
Money3 Corporation Limited (ASX: MNY)
The Money3 share price is down 2.5% to $2.89 after completing a capital raising. The consumer finance provider raised $45 million at an 8.8% discount of $2.70. It will now push ahead with a share purchase plan to raise a further $7 million. The proceeds will be used to fund the acquisition of Automotive Financial Services and loan book growth in Australia and New Zealand.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down 4.5% to $3.34. This is despite the release of a positive weekly trading update this morning. According to the release, the payments company processed $366 million of payments during the first four days of December. This represents a 16% increase on the prior corresponding period. During November, payment volumes were up 13% to $2.159 billion.
