In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another impressive gain. At the time of writing the benchmark index is up 2.8% to 5,326.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Coles Group Ltd (ASX: COL) share price is down almost 6.5% to $15.77. The catalyst for this decline was news that Wesfarmers Ltd (ASX: WES) is offloading a 5.2% stake in the company. Wesfarmers has agreed a fee of $15.39 per share, which represents an 8.5% discount to the supermarket giant's last close price of $16.82. The conglomerate expects to recognise a pre-tax profit on sale of approximately $130 million.
The Evolution Mining Ltd (ASX: EVN) share price has fallen 4.5% to $4.00. Investors have been selling the gold miners on Tuesday. This follows a pullback in the gold price overnight and a switch to risk on assets. It isn't just Evolution tumbling notably lower. In afternoon trade the S&P/ASX All Ordinaries Gold index is down by over 2.2%.
The Regional Express Holdings Ltd (ASX: REX) share price has descended 7.5% to 61 cents. Investors have been selling the regional airline's shares after it announced the shutdown of all its Queensland services. These services will stop on April 1. This includes the five regulated routes operated under contract with the Queensland Government.
The Woolworths Group Ltd (ASX: WOW) share price is down 3.5% to $36.79. This decline could be down to profit taking after some solid gains over the last two and a half weeks. However, one broker that still sees value in its shares is UBS. Last week it slapped a buy rating and $39.70 price target on the retail giant's shares. This price target implies potential upside of approximately 8% excluding dividends.
