The share market has lacked any real conviction today with investors remaining cautious ahead of the RBA's interest rate decision. The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) is currently trading 0.35% lower to 5,567 points.
Despite a relatively quiet start to the day, these four companies have seen their share prices come under some serious selling pressure:
Seven West Media Ltd (ASX: SWM)
Seven West Media shares have fallen nearly 16% today after the company delivered a less than inspiring full year result combined with a negative growth outlook. The media company announced a 2.8% decline in revenues and a 0.86% decline in net profit after tax (excluding significant items) to $207.3 million. While the lack of earnings growth in FY16 would have been disappointing to investors, it appears the company's own expectation for a contraction in the television advertising market over the next 12 months is having the biggest impact on the share price today. As a result of the anticipated weakness, Seven West Media expects underlying group EBIT to be down 15%-20% over the coming year.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
Shares of Nine Entertainment have been sold off heavily today as a result of the disappointing outlook provided by Seven West Media. The company's shares have also fallen by around 15% today as investors head to the exits. This is yet another blow to Nine Entertainment's shareholders who were already suffering from their own company's weak trading update provided earlier this year. It appears the television and traditional print media sectors are facing a challenging 12 months and it will take a brave investor to back either company at this point in time.
REA Group Limited (ASX: REA)
After a pretty disappointing day yesterday, shares of REA Group are once again under pressure today losing 2.3% to $61.40. The falls come on the back of a strong update from its main rival, the Fairfax Media Limited (ASX: FXJ) owned Domain business. Investors are clearly concerned that the renewed strength of Domain could potentially eat away at some of REA Group's market dominance and ultimately its profits. With REA Group shares trading at around 38x earnings, any hint on negative news would have a large impact on the share price.
Beach Energy Ltd (ASX: BPT)
The energy sector has been under real pressure today following another heavy fall in the crude oil price overnight. As mentioned earlier, oil prices have now entered bear territory on the back of renewed concerns of a supply glut. This is having a huge impact on the share prices of energy companies with Beach Energy one of the worst performers in the sector today, losing more than 6.5%. Other notable losers from the sector today include Origin Energy Ltd (ASX: ORG) and Santos Ltd (ASX: STO) which have lost 3.1% and 3.8%, respectively.
