Business
Why Abacus, Emerge Gaming, Jumbo, & Woodside shares are dropping lower
In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher again. The benchmark index is currently up 0.7% to 6,735.7 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
Abacus Property Group (ASX: ABP)
The Abacus share price is down 4.5% to $2.96. This follows the completion of its institutional entitlement offer. The property company raised approximately $356 million at a price of $2.90 per new share. This represents a 6.5% discount to its last close price. The proceeds will be used to repay debt and increase its acquisition capacity for continued growth over the medium term.
The Emerge Gaming share…
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