Despite an uninspiring lead from offshore markets overnight, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has managed to climb around 0.5% higher today to 5,329 points.
The consumer staples and energy sectors are doing most of the heavy lifting, with the healthcare and telecommunications sectors underperforming.
Four shares that have been on the wrong side of investors today, include:
Vita Group Limited (ASX: VTG)
Shares of Vita Group have plunged more than 6.5% today after The Australian Financial Review reported that chief executive officer, Maxine Horne, has offloaded 10 million shares worth around $50 million. Despite the sell-down, Ms Horne will still maintain a significant interest in the company, with Vita Group's most recent financial report showing her holding around 39 million shares for the period ending 30 June 2016.
Vocus Communications Limited (ASX: VOC)
Shares of Vocus have plunged more than 10% today as investors continue to speculate about the potential impact of the NBN on the telecommunications sector. The shares have now lost more than 31% of their value since hitting a 52-week high of $9.51 in late May. Interestingly, the telecommunications sector has now posted a loss of around 8.5% over the past 12 months, compared to a gain of around 5% for the broader market. This afternoon's news that its CFO will resign has also added to the selling pressure.
Carsales.Com Ltd (ASX: CAR)
Carsales has been a notable underperformer over the last month and has continued its move downwards today with a fall of more than 2.4%. This is an interesting development as the company's most recent full year result was quite warmly received by the market. It appears, however, that investors are re-assessing Carsales' lofty valuation on the basis that short term earnings growth is unlikely to mirror that of recent years. The company is set to provide a more detailed full year outlook at its AGM next month.
Orocobre Ltd (ASX: ORE)
Shares of the lithium and borax producer have fallen more than 7% today as investors continue to digest the company's FY16 result which was released on Monday. Orocobre managed to generate revenues of US$18.5 million for the year, but reported a net loss of US$22 million, mainly as a result of foreign exchange losses taken on its Argentinian Olaroz operations. Despite the loss, the company is expecting a much better result in FY17 on the back of plans to significantly ramp up its lithium production.
