Why these 4 ASX shares are crashing today

Credit: Stéphanie Kilgast

The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has staggered its way higher today thanks to positive offshore leads and a higher oil price and, at the time of writing, had gained 0.33% to trade at 4962 points.

A number of shares are deep in the red today however, including:

SKYCITY Entertainment Group Limited (ASX: SKC)

SkyCity is one of the worst performers today with its shares falling by more than 4.2% to $4.28. Today’s sharp fall comes as the company announced the resignation of its CEO and Managing Director, Nigel Morrison, effective 29 April 2016. Mr Morrison has been at the helm of SkyCity for the past eight years and will leave the company at a time when it is generating record revenues and profits. He will be replaced by John Mortensen as Interim CEO, who is currently the Chief Operating Officer of the New Zealand operations. Despite today’s fall, shares of SkyCity have outperformed the broader market over the past 12 months by around 23%.

Tassal Group Limited (ASX: TGR)

Shares of the salmon producer have dropped more than 4% today after the company stated it would no longer be providing fresh salmon for Coles’ fresh Salmon Deli business and to Australian food manufacturer Simplot. Tassal believes this will enable it to generate more sustainable returns as it focuses on higher margin products. Despite the company stating the move is not expected to impact revenues and earnings going forward, investors are clearly concerned about the impact this could have on one of its key customers. Tassal has moved to reassure investors, saying that it will still continue to supply a wide range of salmon and seafood products to Coles, along with the other major supermarkets including Woolworths Limited (ASX: WOW) and Aldi.

Nine Entertainment Co Holdings Ltd (ASX: NEC)

Shares of Nine Entertainment continue on their terrible week today, falling another 4% to $1.13. The shares have now lost more than 25% of their value since Tuesday and those investors who hoped for a quick bounce will be disappointed. The falls come on the back of a weaker-than-expected trading update for the March quarter, with the company blaming an 11% fall in revenues on a subdued advertising market and lower-than-expected ratings. The outlook for the traditional media sector remains challenging and investors should not expect a swift turnaround for Nine Entertainment anytime soon.

Harvey Norman Holdings Limited (ASX: HVN)

Harvey Norman shares are trading ex-dividend today which explains why its share price is nearly 4% lower. The company declared a fully franked interim dividend of 13 cents a share – a 44% increase from the 9 cents a share dividend declared in the previous corresponding period. This improved dividend comes on the back of a strong first half result that saw net profit after tax (NPAT) increase by 30.7%. The retailer continues to benefit from the strong housing market, although some investors remain sceptical about the sustainability of residential property growth, especially in the Sydney market.

Could these just released franked dividend picks turn $15,000 into over $30,000?

When renowned dividend investing pros like Andrew Page issue buy alerts, it pays to listen. Because investors who followed Andrew's recommendation of Australian Pharmaceuticals in early 2015 could've doubled their money in just over a year, turning $15,000 into over $30,000 by the time he recommended they sell and lock in their profits. Chances are you won't want to miss uncovering the names of Andrew's newest share recommendation and short list of 3 dividend Best Buys Now Shares.
So click here to learn more about these potentially life-changing shares.

Motley Fool contributor Christopher Georges has no position in any stocks mentioned. 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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.