The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has staggered its way higher today thanks to positive offshore leads and a higher oil price and, at the time of writing, had gained 0.33% to trade at 4962 points.
A number of shares are deep in the red today however, including:
SKYCITY Entertainment Group Limited (ASX: SKC)
SkyCity is one of the worst performers today with its shares falling by more than 4.2% to $4.28. Today's sharp fall comes as the company announced the resignation of its CEO and Managing Director, Nigel Morrison, effective 29 April 2016. Mr Morrison has been at the helm of SkyCity for the past eight years and will leave the company at a time when it is generating record revenues and profits. He will be replaced by John Mortensen as Interim CEO, who is currently the Chief Operating Officer of the New Zealand operations. Despite today's fall, shares of SkyCity have outperformed the broader market over the past 12 months by around 23%.
Tassal Group Limited (ASX: TGR)
Shares of the salmon producer have dropped more than 4% today after the company stated it would no longer be providing fresh salmon for Coles' fresh Salmon Deli business and to Australian food manufacturer Simplot. Tassal believes this will enable it to generate more sustainable returns as it focuses on higher margin products. Despite the company stating the move is not expected to impact revenues and earnings going forward, investors are clearly concerned about the impact this could have on one of its key customers. Tassal has moved to reassure investors, saying that it will still continue to supply a wide range of salmon and seafood products to Coles, along with the other major supermarkets including Woolworths Limited (ASX: WOW) and Aldi.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
Shares of Nine Entertainment continue on their terrible week today, falling another 4% to $1.13. The shares have now lost more than 25% of their value since Tuesday and those investors who hoped for a quick bounce will be disappointed. The falls come on the back of a weaker-than-expected trading update for the March quarter, with the company blaming an 11% fall in revenues on a subdued advertising market and lower-than-expected ratings. The outlook for the traditional media sector remains challenging and investors should not expect a swift turnaround for Nine Entertainment anytime soon.
Harvey Norman Holdings Limited (ASX: HVN)
Harvey Norman shares are trading ex-dividend today which explains why its share price is nearly 4% lower. The company declared a fully franked interim dividend of 13 cents a share – a 44% increase from the 9 cents a share dividend declared in the previous corresponding period. This improved dividend comes on the back of a strong first half result that saw net profit after tax (NPAT) increase by 30.7%. The retailer continues to benefit from the strong housing market, although some investors remain sceptical about the sustainability of residential property growth, especially in the Sydney market.
