In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. At the time of writing the benchmark index is up 1.55% to 5,287.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Navigator Global Investments Ltd (ASX: NGI) share price has crashed a further 15% to $1.44. Investors have been selling the investment company's shares since the release of an update on Wednesday. Navigator warned that its assets under management for the March quarter will be negatively impacted due to its investment performance and increased redemptions. The company advised that some of its clients have indicated a need to exit some of their hedge fund positions in order to generate liquidity in their broader portfolios.
The Phoslock Environmental Technologies Ltd (ASX: PET) share price is down 7% to 54.5 cents. This follows the completion of a $12 million institutional placement. The water technology company raised the funds at a price of 50 cents per new share. A further $3 million is expected to be raised through its directors, CEO, and senior executives. The funds raised will help facilitate its growing China business.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has fallen 2% to $4.02. Investors have been selling the gold miners on Thursday after switching to risk on assets. This has led to the S&P/ASX All Ordinaries Gold index falling 1.7% this morning.
The Treasury Wine Estates Ltd (ASX: TWE) share price is down 1% to $10.50. This decline appears to have been triggered by a broker note out of the Macquarie equities desk. It has downgraded its shares to an underperform rating and cut the price target on them to $9.50. This follows its announcement of plans to spin off the Penfolds business. Macquarie expects this to lead to negative cost synergies and higher debt costs.
