In late morning trade the S&P/ASX 200 Index (ASX: XJO) is charging higher and on course to end its losing streak. The benchmark index is currently up 0.7% to 6,048.5 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The IOOF Holdings Limited (ASX: IFL) share price has tumbled 5.5% lower to $4.97 following its fourth quarter update. During the quarter IOOF's funds under management, advice and administration (FUMA) grew to $202.3 billion. This represents a quarterly increase of $6.7 billion or 3.4%. While that was positive, the same could not be said for its earnings commentary. IOOF advised that it expects to report an underlying net profit after tax of approximately $128 million to $130 million in FY 2020. This will be a sharp decline from $198 million a year earlier.
The IGO Ltd (ASX: IGO) share price is down a further 3.5% to $4.63. The nickel producer's shares have come under significant pressure this week after its guidance for FY 2020 fell short of expectations. IGO expects its revenue to be $892.4 million and its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to come in at $459.6 million. The latter falls well short of Macquarie's estimate of $530 million.
The Janus Henderson Group PLC (ASX: JHG) share price has dropped 3.5% to $30.18. This follows the release of its second quarter update after the market close on Wednesday. That update revealed assets under management (AUM) of US$336.7 billion at the end of June. While this was up 14% compared to the prior quarter, it was driven entirely by favourable market movements. The fund manager reported net outflows of US$8.2 billion for the quarter.
The Qantas Airways Limited (ASX: QAN) share price is down 2% to $3.42. Investors appear to have been selling the airline operator's shares due to concerns over the domestic travel market after more borders were closed. On a more positive note, this morning the ACCC advised that Regional Express Holdings Ltd (ASX: REX) will be allowed to continue to coordinate flight schedules with Qantas and Virgin Australia on 10 regional routes. The competition watchdog has authorised this until the end of June 2021.
