In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to record a strong gain. At the time of writing the benchmark index is up 0.65% to 6,948.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Lycopodium Limited (ASX: LYL) share price is down 2.5% to $5.74. This decline means the engineering company's shares have given back the gains they made on Monday following a positive announcement. That announcement revealed that its joint venture with Monadelphous Group Limited (ASX: MND), Mondium, has won a major contract with Rio Tinto Limited (ASX: RIO).
The Mosaic Brands Ltd (ASX: MOZ) share price has crashed 18.5% lower to $1.84. This morning the fashion retailer, formerly known as Noni B Limited (ASX: NBL), revealed that the devastating bushfires burning across Australia have impacted its businesses. Approximately 20% of the company's stores have been directly impacted by the fires. Furthermore, almost one-third of its total 1,386 stores are located in regional areas, where consumer confidence has been particularly fragile. This led to same store sales falling 8% during the first half.
The Newcrest Mining Limited (ASX: NCM) share price is down 2% to $30.15. Newcrest and the rest of the gold miners have come under pressure today after improving investor sentiment led to softening demand for safe haven assets. The S&P/ASX All Ords Gold index is down 1.5% at the time of writing.
The Pendal Group Ltd (ASX: PDL) share price has dropped 3% to $8.71 following its latest quarterly funds under management update. That update revealed that at the end of December Pendal Group's funds under management climbed 1% to $101.4 billion. However, this was due to favourable market movements which offset $1.3 billion of net outflows over the quarter.
