In afternoon trade the S&P/ASX 200 index has bounced back from yesterday's selloff and is pushing higher. At the time of writing the benchmark index is up 0.6% to 5,800 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The A2 Milk Company Ltd (ASX: A2M) share price is down almost 2% to $15.44. The infant formula and fresh milk company's shares have been reasonably positive performers during the last couple of weeks on the belief that the coronavirus outbreak is increasing demand for its infant formula in China. Investors may believe there are better value shares available today.
The Newcrest Mining Limited (ASX: NCM) share price is down 2.5% to $29.05. This decline appears to have been triggered by investors switching out of risk off assets and back into equities today. It isn't just Newcrest which is dropping lower. Many of its gold miner peers are in the red this afternoon, leading to the S&P/ASX All Ordinaries Gold index falling 2% today.
The OneVue Holdings Ltd (ASX: OVH) share price is down 6.5% to 21.5 cents after providing another update on its Sargon Capital receivable. According to the release, voluntary administrators have been appointed to Sargon Capital. Management believes the appointment should enable the company to gain more visibility on the extent of any securities it holds. Sargon Capital owes OneVue $31 million following the acquisition of its Trustee Services Business in June 2019.
The Virgin Australia Holdings Ltd (ASX: VAH) share price has fallen 6% to 7.5 cents. Investors have been selling the airline operator's shares following the release of two bleak trading updates from its rivals this week. This morning Qantas Airways Limited (ASX: QAN) announced massive cuts to its international capacity in response to a sizeable decline in forward bookings.
