In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced off its lows for the day and is lower by just 0.2% to 5,470 points. The energy sector has been doing its bit today and is the best performing sector with a 0.8% gain.
Four shares which have been acting as a drag on the market are as follows:
BT Investment Management Ltd (ASX: BTT) shares have dropped lower by 3% to $8.88 despite no news out of the fund manager. Today's decline could be in response to the sharp drop in the British pound overnight. As almost two-thirds of the company's revenue is earned in the UK, any depreciation of the pound is likely to negatively impact the company's overall performance.
Estia Health Ltd (ASX: EHE) shares have continued to drop lower, this time by 6.3% to $3.00. The embattled aged care operator's shares fell sharply yesterday after revising downwards its full year EBITDA guidance just a matter of weeks after initially providing it. With a new management team at the helm now, investors will no doubt be hopeful that the worst is behind them.
Mesoblast limited (ASX: MSB) shares are down 6.0% to $1.175. Yesterday the regenerative medicine company's shares rocketed higher by 12% following a positive update on the Phase 2 trial of its proprietary allogeneic Mesenchymal Precursor Cell product candidate MPC-300-IV. Whilst the news was positive, there is still a long road ahead before it even comes close to hitting the market. I suspect there may be a spot of profit taking going on today.
Resolute Mining Limited (ASX: RSG) shares have plunged almost 6% to $1.622 after the gold price fell to a four-month low. More positive economic data out of the United States appears to have convinced the market that a rate rise is on the way. Unfortunately for shareholders, I expect the gold price could continue to slide as the Federal Reserve meetings draw closer.
