In afternoon trade the S&P/ASX 200 index is pushing higher once again. At the time of writing the benchmark index is up a sizeable 0.8% to 7,031.5 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Infigen Energy Ltd (ASX: IFN) share price has fallen 15% to 68 cents. This follows a report by the AFR claiming that Canadian private equity giant Brookfield is offloading 86 million shares in the renewable energy company for 71 cents per share. This was an 11% discount to the last close price. Canaccord Genuity is believed to be selling the shares on behalf of Brookfield.
The Mirvac Group (ASX: MGR) share price has dropped 3% lower to $3.34. This follows the release of its half year result this morning. For the six months ended December 31, Mirvac delivered a 21% increase in operating profit after tax to $352 million. This fell short of Goldman Sachs' estimate of $371 million. Looking ahead, the property company reaffirmed its operating earnings per share guidance for FY 2020 of between 17.6 cents and 17.8 cents per stapled security. This represents annual growth of between 3% and 4%.
The Pilbara Minerals Ltd (ASX: PLS) share price has dropped 5% to 32.7 cents. This appears to be down to profit taking after a strong gain on Wednesday. Investors were buying the lithium miners yesterday after the UK announced that it was bringing forward its ban on the sale of petrol and diesel vehicles to 2035. Lithium is used to make the batteries in electric vehicles.
The Service Stream Limited (ASX: SSM) share price has tumbled 10% lower to $2.48. This follows the release of the essential services company's half year update after the market close on Wednesday. Service Stream reported a 28% increase in adjusted NPAT to $32.3 million. Although this was largely in line with expectations, some investors appear to have been expecting even better.
