It has been another positive day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is up almost 1% to 5,782 points.
Unfortunately not all shares have been able to follow the market higher today. Four shares in particular have stood out with notably sharp declines. Here's why they are lower:
The Domino's Pizza Enterprises Ltd. (ASX: DMP) share price has fallen 5% to $55.07 following the release of its parent company's second-quarter result. Although the US-based Domino's beat expectations on both the top and bottom line, its shares fell sharply due to a weaker-than-expected result from its international business. However, it is worth noting that the performance of the Asia-Pacific region was a highlight, which could mean today's decline from the Australian Domino's is a bit of an overreaction.
The Independence Group NL (ASX: IGO) share price has fallen 4.5% to $3.14 following the release of the miner's latest quarterly update. Although revenue increased to $114 million during the quarter, the company posted an unaudited net loss after tax of $15.5 million. Further to this, Independence's all-in sustaining cost rose to A$1,286 an ounce at its Tropicana site.
The Super Retail Group Ltd (ASX: SUL) share price has given back yesterday's gains and is down 2% to $8.43. Today's decline is likely to be in relation to a research note out of Credit Suisse this morning that revealed that its analysts have downgraded the retail group to an underperform rating with a $7.50 price target. The investment bank appears to be bearish on the future prospects of its sports segment, believing margins will shrink more than the company has forecast.
The Tower Limited (Australia) (ASX: TWR) share price has plunged a whopping 26% to 87.5 cents. This morning the New Zealand Commerce Commission blocked the takeover of Tower by Vero Insurance New Zealand, a wholly owned subsidiary of Suncorp Group Ltd (ASX: SUN). No detailed reasons have been given by regulators as of yet, but it appears likely that there are concerns it will lessen competition in the New Zealand insurance market.
