In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rebounded strongly from yesterday's heavy decline and is up 0.7% to 5,830 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Class Ltd (ASX: CL1) share price is down 3% to $2.36 despite there being no news out of the cloud-based SMSF accounting software provider. Investors continue to sell the company's shares after the release of a weak half-year result in February. This has left its shares trading within a whisker of their 52-week low.
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen 1% to $4.56 after the iron ore producer advised the market that the discount between its iron ore and the benchmark 62% fines is expanding. According to the release, Fortescue has amended its iron ore price guidance to reflect an expected contractual realisation of approximately 65% of the average benchmark Platts 62 CFR index. In the first-half the company reported prices that were 68% of the benchmark.
The Newcrest Mining Limited (ASX: NCM) share price has dropped 2% to $19.80 after the gold miner provided an update on its Cadia operation. According to the release, Newcrest has restarted production at Cadia but not processing activities. Management is working on alternative solutions for its future processing and is unlikely to update its guidance until a plan is in place. I would suggest investors stay clear of Newcrest due to this issue and rising rates in the United States.
The Northern Star Resources Ltd (ASX: NST) share price has fallen 2% to $6.82. A good portion of today's decline can be attributed to the gold miner's shares going ex-dividend this morning for its fully franked 4.5 cents per share interim dividend. Eligible shareholders can now look forward to receiving this in their nominated accounts on April 13.
