It has been a very positive day for the S&P/ASX 200 Index (ASX: XJO) on Wednesday. In late morning trade the benchmark index is up 0.8% to 6,654.5 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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Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is down 3% to $1.08. Investors have responded unenthusiastically to the company's acquisition announcement this morning. Bigtincan has entered into a binding agreement to acquire unified sales enablement platform provider, ClearSlide, for US$16.25 million (A$22.6 million) in cash. ClearSlide is expected to report annualised recurring revenue (ARR) of ~US$5.2 million in 2021.
Over the Wire Holdings Ltd (ASX: OTW)
The Over the Wire share price is down a further 6% to $3.98. Investors have been selling the telecommunications, cloud and IT solutions provider's shares since the release of a trading update yesterday. That update revealed that the company expects to report a 22% to 28% increase in EBITDA in the first half. However, this has been boosted by acquisitions. Its existing businesses will deliver lower EBITDA than a year ago.
Resolute Mining Limited (ASX: RSG)
The Resolute share price has come under pressure and is down 2.5% to 77.5 cents. Investors have been selling Resolute and other gold miners on Wednesday after the spot gold price pulled back overnight. This has led to the S&P/ASX All Ordinaries Gold index trading 0.9% lower at the time of writing.
Uniti Group Ltd (ASX: UWL)
The Uniti share price is down 1% to $1.70. This morning the telco announced the details of the share purchase plan from its equity raising to fund the acquisition of the Telstra Velocity assets from Telstra Corporation Ltd (ASX: TLS). Uniti is aiming to raise $10 million at the lower of $1.50 per new share or the volume weighted average price of its shares during the five trading days up to and including 20 January plus a 2% discount.
