In late trade S&P/ASX 200 index is having a subdued end to the day ahead of the Christmas break. At the time of writing the benchmark index is flat at 6,786.7 points.
Four shares that are out of form on Tuesday are listed below. Here's why these ASX shares are dropping lower:
The Challenger Ltd (ASX: CGF) share price is down 2% to $8.27 on the back of no news. However, earlier this week Vicinity Centres (ASX: VCX) announced the divestment of its 50% interest in Lennox Village in New South Wales for $31.5 million to joint-owner Challenger in a simultaneous exchange and settlement on December 11 2019. Some investors may not be keen on the transaction.
The Novita Healthcare Ltd (ASX: NHL) share price has crashed 16.5% lower to 4.5 cents. Investors have been selling Novita Healthcare's shares amid unsubstantiated claims that its Tali Detect product performed poorly in a test by Monash University. TALi Detect is a 20-min digital game-based screening tool available to all children to assess potential attention deficits. It recently received a determination that it can be delivered via the U.S. Reimbursement Code system.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is down 2% to $2.82. Investors have been selling the biopharmaceutical company's shares despite there being no news out of it. However, with its shares up materially this year, I suspect this could be down to profit taking from some investors.
The Xero Limited (ASX: XRO) share price has fallen 3% to $80.90. This also appears to be a case of profit taking after a strong gains were made on Monday. Yesterday's gain sent Xero's shares to an all-time high of $84.45. When the business and accounting software company's shares hit that level, it meant they had gained a whopping 101% since the start of the year.
