Why Australian Mines, Mayne Pharma, Prospa, & Vita Group tumbled lower today

The Prospa Group (ASX:PGL) share price and the Vita Group Limited (ASX:VTG) share price are two of four tumbling notably lower on the ASX on Wednesday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade the S&P/ASX 200 index has given back a good portion of its morning gains but is still in positive territory. At the time of writing the index is up almost 0.2% to 6,557.5 points.

Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:

The Australian Mines Limited (ASX: AUZ) share price has sunk 11.5% to 2.3 cents after the advanced battery materials developer announced an underwritten share purchase plan to raise $5 million. The new shares will be issued at a 20% discount to the Volume Weighted Average Price over the five trading days before the date of issue of the new shares. These funds are being raised to advance its Sconi Cobalt-Nickel-Scandium Project in North Queensland and for general working capital.

The Mayne Pharma Group Ltd (ASX: MYX) share price is down over 4% to 51.7 cents. The pharmaceutical company's shares have come under significant selling pressure over the last few weeks following the release of a trading update. That update revealed that its key Generics business was struggling once again and had experienced a sharp decline in sales in the second half.

The Prospa Group (ASX: PGL) share price has given back some of yesterday's gains and is down 6.5% to $4.17. I suspect that some investors have decided to take a bit of profit off the table after the online lender's shares rocketed higher on their first day on the ASX boards. The Prospa share price is still notably higher than its IPO price of $3.78.

The Vita Group Limited (ASX: VTG) share price has continued its slide and is down a further 7% to $1.31. The retailer's shares were sold off on Tuesday after it provided an update on its remuneration agreement with telco giant Telstra Corporation Ltd (ASX: TLS). Investors appear concerned by the uncertainty around how profitable the new agreement will be for the company.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

Frustrated and shocked business woman reading bad news online from phone.
Share Fallers

Why Bannerman Energy, Life360, Strike Energy, and Xero shares are tumbling today

These shares are under pressure on Thursday. But why?

Read more »

Cheerful boyfriend showing mobile phone to girlfriend in dining room. They are spending leisure time together at home and planning their financial future.
Share Fallers

Why DroneShield, Neuren, Paradigm, and Pilbara Minerals shares are roaring higher today

These shares are having a strong session on Thursday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Betr, Develop Global, Northern Star, and Paragon Care shares are dropping today

These shares are having a tough time on hump day. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why APA, DroneShield, EOS, and Woodside shares are tumbling today

These shares are missing out on the good times on Tuesday.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Adairs, ANZ, Aurelia Metals, and Pilbara Minerals shares are falling today

These shares are having a tough start to the week in the red. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why ANZ, Clarity, IGO, and Pilbara Minerals shares are dropping today

These shares are ending the week in the red. But why?

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Aurelia Metals, Centuria Office, Meeka Metals, and Resolute shares are tumbling today

These shares are having a tough time on Thursday. Let's find out why.

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Block, Catalyst Metals, Coronado Global, and Pilbara Minerals shares are falling today

These shares are having a tough time on hump day. But why?

Read more »