In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher again. The benchmark index is currently up 0.7% to 6,735.7 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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Abacus Property Group (ASX: ABP)
The Abacus share price is down 4.5% to $2.96. This follows the completion of its institutional entitlement offer. The property company raised approximately $356 million at a price of $2.90 per new share. This represents a 6.5% discount to its last close price. The proceeds will be used to repay debt and increase its acquisition capacity for continued growth over the medium term.
Emerge Gaming Ltd (ASX: EM1)
The Emerge Gaming share price has crashed a massive 43.5% lower to 5.8 cents. Investors have been heading to the exits in their droves after the gaming technology company revealed just 25,674 paid subscriptions to its MIGGSTER platform. In October the company claimed to have over 6 million pre-registrations for the platform. This means it has so far converted just 0.43% of its pre-registrations.
Jumbo Interactive Ltd (ASX: JIN)
The Jumbo Interactive share price has sunk 7% lower to $12.81. This morning analysts at UBS initiated coverage on the company with a neutral rating and $14.10 price target. The broker notes that Tabcorp Holdings Limited (ASX: TAH) appears to be winning market share in the local online market. It intends to wait for the trend to stabilise before considering a change to its rating.
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price is down almost 2% to $22.71. The catalyst for this decline appears to have been a broker note out of Ord Minnett. This morning the broker downgraded its shares to a hold rating with a $23.80 price target. Its analysts note that the energy producer's CEO has announced plans to retire next year. The broker was surprised by this and notes that it comes at a critical time.
