The S&P/ASX 200 index has fought back from a morning in the red and is pushing higher in afternoon trade. At the time of writing the benchmark index is up 0.15% to 6,529.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The AGL Energy Limited (ASX: AGL) share price has sunk almost 6% lower to $18.88 following the release of its full year results this morning. Although the energy company posted a reasonably solid FY 2019 result, its guidance for FY 2020 has sent investors to the exits in their droves. AGL expects underlying profit after tax to be between $780 million and $860 million in FY 2020. This will be a 17.3% to 25% decline on FY 2019's result.
The Insurance Australia Group Ltd (ASX: IAG) share price has dropped 4.5% to $7.70 after disappointing investors with its full year results. In FY 2019 the insurance giant delivered cash earnings of $931 million, which was a decline of 10% on FY 2018's cash earnings. In addition to this, it declared a fully franked final dividend of 20 cents per share, which fell short of the market's expectations of 22.7 cents per share dividend.
The Ramelius Resources Limited (ASX: RMS) share price has fallen 2% to $1.33 despite a good number of gold miners pushing higher after the gold price broke through the US$1,500 an ounce mark overnight. But with Ramelius' shares up almost 180% year to date prior to today, some investors may have decided to take a bit of profit off the table.
The Supply Network Limited (ASX: SNL) share price has tumbled over 7% to $3.89 despite there being no news out of the provider of after-market parts to the commercial vehicle industry. However, as with Ramelius, I suspect this could be profit taking. After all, prior to today Supply Network's shares were up almost 18% over the last 30 days.
