Why Aurelia Metals, PolyNovo, SKYCITY, & Tyro shares are dropping lower

Aurelia Metals Ltd (ASX:AMI) and SKYCITY Entertainment Group Limited (ASX:SKC) shares are two of four dropping lower on Monday…
The post Why Aurelia Metals, PolyNovo, SKYCITY, & Tyro shares are dropping lower appeared first on Motley Fool Australia. –

shares lower

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) remains suspended following a system upgrade failure at the Australian stock exchange. Prior to the pause, the benchmark index was up a solid 1.2% to 6,484.3 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:

Aurelia Metals Ltd (ASX: AMI)

The Aurelia Metals share price is down almost 12% to 44.5 cents. Investors have been selling the gold mining and exploration company’s shares after it completed its institutional placement and the institutional component of pro rata accelerated non-renounceable entitlement offer. Aurelia notes that it had strong institutional support, raising approximately $93 million at a discount of 43 cents per share. The proceeds will be used to fund the acquisition of the Dargues Gold Mine.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is down 2.5% to $2.96 despite there being no news out of the medical device company. This may be due to profit taking after a strong gain on Friday following the release of a positive announcement. That announcement revealed that the US FDA has approved its pivotal trial investigation device exemption.

SKYCITY Entertainment Group Limited (ASX: SKC)

The SKYCITY share price has fallen 4% to $2.84. This morning the casino and resorts operator revealed that its chief executive officer, Graeme Stephens, will retire from the role at the end of the month. He will be replaced by its chief operating officer, Michael Ahearne. No explanation was given for the sudden departure of the chief executive officer.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price is down 0.5% to $3.98. This is despite the release of a strong weekly trading update by the payments company. According to the release, as of 13 November, Tyro had recorded transaction value of $0.889 billion month to date. This was up 15% on the prior corresponding period.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO and Tyro Payments. The Motley Fool Australia has recommended Sky City Entertainment Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why Aurelia Metals, PolyNovo, SKYCITY, & Tyro shares are dropping lower appeared first on Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!