Shortly after midday, the local S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was trading 0.3% lower.
However, shares of the following four companies were being thrown out.
- Qantas Airways Limited (ASX: QAN) – down 4%
Shares of Qantas sunk more than 4% lower today despite the company announcing a statutory half-year profit of $983 million for the period ended 31 December 2015. The company also announced a $500 million share buy-back and further investment in services for passengers. Qantas CEO Alan Joyce said, “This record result reflects a stronger, leaner, more agile Qantas.” However, overnight, oil prices rallied.
- BC Iron Limited (ASX: BCI) – down 7%
Embattled junior iron ore miner, BC Iron, today saw its share price discounted despite an overnight rally in iron ore prices. In a statement to the ASX this morning, BC Iron updated the market on its litigation against mining services contractor, Watpac Limited (ASX: WTP). BC Iron stated that Watpac served a defence and counterclaim in proceedings against the company on 19 February 2016. BC Iron says it will defend Watpac’s claims and keep the market informed of any updates.
- iSentia Group Ltd (ASX: ISD) – down 10%
iSentia Group shares went into a nosedive this morning following the release of its half-year report. In the six-month period ended 31 December 2015, iSentia reported a 22% increase in revenue and 6.8% rise in net profit. During the reporting period, iSentia acquired King Content Pty Limited for $46.6 million. The new business contributed $8.4 million to the company’s revenue line and a profit after tax of $1.4 million. It added $30.9 million in goodwill.
- IPH Ltd (ASX: IPH) – down 13%
IPH Ltd shares fell sharply today following the release of its half-year financial report. Despite the intellectual property rights firm announcing a 65% jump in revenue to $66.35 million and 43% increase in profit, shares were sold off. The company reported some impairments, but revised its dividend policy and enabled the board to pay a dividend equivalent to 11 cents per share.
Motley Fool writer/analyst Owen Raszkiewicz does not have a financial interest in any company mentioned. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.
Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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