Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) couldn't hold onto some decent early gains, the index still managed to finish the day higher by just over 0.2% at 5,246 points.
This meant that for the week the index put on a solid gain of 2.5%. Not a bad response to the market turmoil brought on by last week's Brexit vote.
Four shares that acted as a drag on the market today were as follows:
Fairfax Media Limited (ASX: FXJ) shares gave back yesterday's gains by dropping over 3% to 90 cents. I expect Fairfax Media's share price to remain volatile over the next few weeks as it explores a merger of its New Zealand business and the demerged New Zealand assets of APN News and Media Limited (ASX: APN). Whilst this combination could deliver significant synergies, it would still require regulatory approval. So I think it's a little too soon to get overly excited by things.
Fairfax Media's share price is now down 2.5% year to date.
Hub24 Ltd (ASX: HUB) has dropped over 4% to $3.51 today. The growing superannuation and investment platform provider has come under a lot of selling pressure in recent months following a meteoric rise in the last year. The selling comes despite the fact it recently reached $3 billion in funds under administration, representing an 84% increase year on year. Although its shares are down 22% in 2016, they are still up by almost 200% in the last 12 months. With its full year results due in the next few weeks, I feel this is one to watch.
Hub24 shares are up 3,800% in the last five years.
IPH Ltd (ASX: IPH) shares finished the day down by over 4% to $6.14. The intellectual property services company is another one which has fallen out of favour with investors in recent months. Today's decline is one in a long line of declines which have taken its share price down by almost a third in 2016. Personally I think any investors looking for exposure to the industry could consider its fledgling rival Xenith IP Group Ltd (ASX: XIP) instead. I believe it will provide investors with much greater growth prospects in the year ahead.
IPH's shares are still up by over 30% in the last 12 months, despite this year's declines.
Money3 Corporation Limited (ASX: MNY) dropped 6% to $1.12 today in what appears to be a spot of profit taking. Prior to today's decline its shares had been up by almost 25% in the last two-and-a-half weeks. The catalyst for this recent rally appears to be news that it has secured a $20 million debt facility to be used to fund lending growth in its secured automotive loan business. I've been impressed with the company's progress since it closed its unsecured personal lending operations back in November 2015 due to regulatory concerns. This is a small cap worth keeping a close eye on in my opinion.
Money3's share price is still up by around 29% year to date.
