Australian investors have joined in the post-Brexit rally today with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) gaining 1.9% to 5,239 points.
The change in sentiment over the last couple of days has really helped to boost investor confidence, although these four shares have been left behind today:
National Storage REIT (ASX: NSR)
National Storage shares have fallen more than 6% today after resuming trade following a two-day trading halt. The storage company announced on Tuesday that it would seek to raise $265 million to fund the acquisition of 26 new storage centres. Following today’s decline, the shares are trading at $1.62, which is just above the entitlement offer price of $1.58. National Storage believes the new acquisition will be accretive to FY17 earnings and reaffirmed FY16 earnings per share (EPS) guidance of 8.7 – 8.8 cents per stapled security. The company also anticipates FY17 underlying earnings to be within a range of 9.2 – 9.4 cents per stapled security.
BT Investment Management Ltd (ASX: BTT)
BTIM is one of the few companies that is today still suffering from the post-Brexit fallout. The shares have fallen more than 3% to $7.80 and have now lost around 23% of their value from their pre-Brexit levels. The international fund manager generates a significant portion of its earnings in the UK and the uncertainty of the situation in the area is still weighing on investors. The Australian dollar also strengthened against the British pound overnight and this could also be having a negative impact on investors.
Newcrest Mining Limited (ASX: NCM)
The gold miner is the biggest drag on the index today with its shares falling 2.3% to $22.92. A number of other smaller gold producers are also in negative territory with investors taking the opportunity to switch out of the safe haven asset and into more risky assets. Interestingly, the spot gold price is still trading near two-year highs and the majority of Australian gold producers are highly profitable at current prices. Despite today’s pullback, Newcrest remains the top-performing large cap stock over the past 12 months, with a share price gain of nearly 77%.
Mcgrath Ltd (ASX: MEA)
McGrath has been one of the worst performing IPOs of this financial year with a loss of nearly 56% from its listing price of $2.10. The shares have today dropped 4.6% to 92.5 cents despite no news being released from the company. Investors may choose to offload the shares before the end of the financial year and look for shares with slightly better growth outlooks. The real estate agent has already disappointed investors with a profit downgrade and concerns are still lingering around the sustainability of growth, within the residential property market in some capital cities of Australia.
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Motley Fool contributor Christopher Georges owns shares of BT Investment Management Limited. 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.