In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and raced higher. At the time of writing, the benchmark index is up 2.45% to 6,614.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping into the red:
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Cronos Australia Ltd (ASX: CAU)
The Cronos Australia share price is down 5% to 68.5 cents. This is despite there being no news out of the medicinal cannabis company. However, it is worth noting that even after today's decline, the Cronos Australia share price is up 25% since this time last month. This could mean that profit taking is weighing on its shares today.
Mesoblast limited (ASX: MSB)
The Mesoblast share price is down over 1% to 83 cents. This also appears to have been driven by profit taking from investors following a strong showing on Monday. The biotech company's shares jumped yesterday following the release of a promising update.
Sims Ltd (ASX: SGM)
The Sims share price is down over 1% to $13.05. This has been driven by the scrap metal company's shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving Sims' partially franked 50 cents per share dividend later this month on 19 October.
WAM Research Limited (ASX: WAX)
The WAM Research share price is down 6% to $1.34. This has also been driven largely by the fund manager's shares going ex-dividend this morning. WAM Research will be paying eligible shareholders a fully franked 5 cents per share dividend in a couple of weeks. That payment is scheduled to hit bank accounts on 17 October.
