In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing the benchmark index is up 1.15% to 5,455.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Australia and New Zealand Banking Group (ASX: ANZ) share price is down 1% to $16.48. Investors have been selling the banking giant's shares after it posted a 60% decline in half year cash earnings. This was driven primarily by credit impairment charges of $1.674 billion. The bank has also decided to defer its interim dividend decision until a later date due to uncertainty caused by the coronavirus pandemic.
The Northern Star Resources Ltd (ASX: NST) share price is down 3.5% to $12.52. Investors have been selling Northern Star and other gold miners today after demand for safe haven assets declined. Investors have been piling into risk assets globally after positive data was released from Gilead Sciences' coronavirus trial. The S&P/ASX All Ordinaries Gold index is down 1% at the time of writing.
The TPG Telecom Ltd (ASX: TPM) share price has fallen 2% to $7.37. The catalyst for this decline was news that the telco company will not be allocated 5G spectrum in Singapore. However, the successful parties are obliged to provide wholesale options to unsuccessful parties. As a result, TPG Singapore intends to look at its options for the delivery of 5G services through third parties.
The Woolworths Group Ltd (ASX: WOW) share price is down 2% to $35.31 following its third quarter update. Although Woolies reported an 11.3% jump in Australian food sales to $11.2 billion, this was a touch short of expectations. In addition to this, it warned that costs were increasing due to the hiring of 22,000 extra staff for its supermarkets.
