In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to make it two consecutive days of gains. At the time of writing the benchmark index is up 0.7% to 6,511.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they dropped lower:
The Monadelphous Group Limited (ASX: MND) share price has tumbled 4% to $17.26 after the release of a softer than expected result from the engineering company. Monadelphous reported revenue of $1.6 billion and underlying net profit after tax of $57.4 million in FY 2019. This was a 9.8% and 19.5% decline, respectively, on FY 2018's result.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has fallen 5.5% to $3.50. Saracen and the rest of the gold miners have sunk lower today after a pullback in the gold price overnight. The spot gold price fell over 1% after risk appetite improved and demand for risk-off assets eased. At the time of writing the S&P/ASX All Ords Gold index is down a sizeable 2.6%.
The Virtus Health Ltd (ASX: VRT) share price has dropped almost 6% to $4.63 after the fertility treatment company posted a 2.3% decline in EBITDA to $63.5 million and a 7.6% drop in NPAT to $35.4 million in FY 2019. Management blamed a negative change in its revenue mix for the earnings decline.
The Wagners Holding Company Ltd (ASX: WGN) share price is down 5.5% to $1.45 following the release of the building supplies company's full year results after the market close on Monday. Wagners posted a disappointing 35% decline in EBIT due to delays in large mobile concrete and precast infrastructure projects, increased costs associated with the establishment of its concrete business, and disruption in the south east Queensland cement market. The latter appears to have continued in FY 2020 and could weigh on its performance this year.
