Although the Brexit continues to dominate the headlines, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has cast concerns aside today and is up 0.5% to 5,139 points as we head towards the close.

Today’s gains are largely a result of strong performances in the utilities and telecommunication sectors, which are both up over 2%. Four shares which have not followed suit and have headed lower are as follows:

APN News and Media Limited (ASX: APN) has dropped almost 11% to $3.89 today following the successful demerger of its NZME business. The NZME business has listed on the New Zealand stock exchange today and is currently changing hands at 84 cents, meaning a market cap of approximately NZ$165 million. The spin off of NZME gave APN shareholders one share per existing share in the demerged business, meaning today’s decline is likely to be the result of a revaluation of the APN business post-demerger.

APN News and Media’s share price has increased by over 8% this year.

BT Investment Management Ltd (ASX: BTT) has continued its post-Brexit decline, down by over 8% to $8.01 today. Earlier this year BTIM UK produced 60% of the company’s interim cash profit of $88.6 million. But there are concerns in the market that its UK-based JO Hambro business could see a large reduction in funds under management as a result of the Brexit. As of 31 March 2016, JO Hambro had £20.1 billion funds under management. As cheap as BTIM looks now, I would wait another couple of weeks for the company to release its quarterly funds under management report. No doubt this will make for interesting reading.

BTIM’s share price is down around 36% so far in 2016.

Orocobre Limited (ASX: ORE) shares have dropped over 5% to $4.38 today despite no news being released to market. Orocobre is one of a number of lithium miners that have seen their share prices dramatically shoot up in the last months on the back of predicted demand for lithium batteries in smartphones and electric cars. However, investors may now be concerned that an economic slowdown in Europe could quash lithium demand.

Orocobre’s share price is up around 114% in the last six months.

QBE Insurance Group Ltd’s (ASX: QBE) share price is down almost 7% to $10.20 today. QBE is yet another company to suffer because of the Brexit due to its UK and European operations contributing upwards of 30% of the company’s gross written premiums. Another source of concern could be the company’s US business. The company would benefit from interest rate rises in the US as it reinvests its US earnings in government bonds. The Brexit has many now believing that rate increases are off the table completely in 2016 and possibly even in 2017.

QBE Insurance shares are down over 18% in 2016.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.