The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is on course to end the week on a positive note. In late morning trade the benchmark index is up 0.9% to 5,410.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Dicker Data Ltd (ASX: DDR) share price is down almost 1.5% to $7.08 after returning from its trading halt. This morning the wholesale distributor of computer hardware and software successfully completed a fully underwritten institutional placement to raise $50 million. Dicker Data raised the funds at $6.70 per share, which represents a 6.7% discount to its last close price. The proceeds will be used partly to fund the construction of Dicker Data's new distribution centre.
The Medibank Private Ltd (ASX: MPL) share price is down 1.5% to $2.80. Earlier this week analysts at Goldman Sachs reiterated their sell rating and lifted the price target on this private health insurer's shares slightly to $2.69. It remains bearish on Medibank due to the tough outlook the industry is facing from the softer economic backdrop and affordability issues.
The Mesoblast limited (ASX: MSB) share price has continued its slide and is down 3% to $3.44. Once again, this decline appears to have been driven by profit taking after a strong share price gain this week. Investors were buying the biotech company's shares earlier this week due to its promising COVID-19 ARDS trial. On Wednesday Mesoblast advised that it has just dosed the first patients of its phase 2/3 trial.
The Orora Ltd (ASX: ORA) share price is down almost 1.5% to $2.40. This follows the release of the packaging company's market update this morning. That update revealed that Orora intends to return ~$600 million to shareholders by June 30. This comprises a capital return of $150 million and a special dividend of $450 million. This equates to a total return of 49.7 cents per share.
