Weak offshore leads have helped to push the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) around 0.15% lower today and, in the process, erased a good portion of yesterday's gains.
A fall in oil prices overnight has weighed heavily on the energy sector, although the financial, gold and materials sectors are offering some support to the broader market.
Four shares that are really struggling for investor support today, include:
Flight Centre Travel Group Ltd (ASX: FLT)
Flight Centre shares have dropped around 4.5% today, despite announcing another strategic acquisition. In fairness, a large portion of today's fall can be put down to the shares trading ex-dividend, with the company paying a final fully franked dividend of 92 cents per share. Nevertheless, it appears today's acquisition has been unable to get investors excited, probably as a result of the lack of financial details included in the announcement.
APA Group (ASX: APA)
Shares of the natural gas pipeline operator have declined 4.8% today on the back of a broker downgrade. Credit Suisse has downgraded the shares from 'neutral' to 'underperform', citing increased regulatory risks as a result of gas market reforms. There has been growing speculation that the federal and state governments will look to crack down on monopoly gas pipeline operators (like APA) in an attempt to increase supply to the Australian market. This would, unsurprisingly, have a negative impact on APA and make it a less attractive infrastructure play.
Platinum Asset Management Limited (ASX: PTM)
After a bumper effort yesterday, shares of Platinum have dropped around 3.5% today to $5.16. The international fund manager announced a share-buy back after the market close on Monday, in what was widely seen as an offensive move against short sellers. Platinum shares have been on the slide for most of the year thanks to the combination of its funds underperforming and its inability to attract new fund inflows. Nevertheless, the buy-back could potentially put a floor under the share price over the medium term.
Myer Holdings Ltd (ASX: MYR)
After an early rally, shares of Myer have slumped 2.7% today following the release of another underwhelming full-year profit result. The retailer managed to deliver a 2.9% increase in yearly sales, although underlying net profit after tax (NPAT) fell by 10.6% as a result of declining operating margins. Myer did not provide any earnings guidance for FY 2017, but anticipates EBITDA growth will be ahead of sales growth.
