It has been a disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 0.3% to 5,701 points.
Four shares which have acted as a drag on the market today are listed below. Here's why they have fallen lower:
The Blackmores Limited (ASX: BKL) share price has fallen 3% to $90.95 following the surprise exit of its CEO Christine Holgate. Holgate will leave to take up the role of CEO at Australia Post, with Blackmores' chairman Marcus Blackmore taking over her role on an interim basis.
The Innate Immunotherapeutics Ltd (ASX: IIL) share price has plummeted 92% to 5 cents after the biotech company announced negative results to its Phase 2b trial for multiple sclerosis. Previously the company had warned that an outright clinical failure would make it unlikely that it could continue as a going concern. Adding that the directors would most likely need to wind up the company's operations in an orderly and timely fashion.
The Metcash Limited (ASX: MTS) share price has tumbled 3.5% to $2.22. Although the wholesaler and distributor posted a solid full-year result yesterday, it hasn't done enough to convince UBS that it has turned a corner. According to a note out of the investment bank this morning, its analysts reiterated their sell rating on its shares.
The Wattle Health Australia Ltd (ASX: WHA) share price has plunged 11% to 42.5 cents. Yesterday its shares rocketed higher after the health and wellness food products company announced a supply agreement with Metcash. Whilst it is a positive step, as I said yesterday, I think it is far too soon to make an investment case based on the news.
