In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its solid run and is up 0.1% to 6,028 points.
Four shares which have failed to follow the market higher today are listed below. Here's why they have fallen into the red:
The Hydroponics Company Ltd (ASX: THC) share price has fallen 11% to 70 cents after the pot stock completed its placement and share purchase plan. The $8 million placement attracted strong support from local and international investors and was conducted at an issue price of 63 cents a share.
The Metcash Limited (ASX: MTS) share price is down almost 3% to $3.10. The majority of today's decline can be attributed to its shares going ex-dividend this morning for its interim 6 cents per share dividend. Eligible shareholders can expect to receive it in their accounts on January 19.
The Myer Holdings Ltd (ASX: MYR) share price has plunged 8% to 66.7 cents following the release of a disappointing trading update. Despite investing heavily in marketing and traffic-driving initiatives, total sales to the end of November were down 2.3% on the prior corresponding period. December's sales data has been even worse, with sales during the first two weeks in December down 5%.
The Qantas Airways Limited (ASX: QAN) share price has tumbled almost 3.5% to $5.18. Today's decline may be in relation to its head of Qantas Loyalty and Digital Ventures leaving to become the new CEO of A2 Milk Company Ltd (ASX: A2M). However, Jayne Hrdlicka is not expected to commence her role until the start of the 2019 financial year.