It has been a great day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) thanks largely to the rise in oil prices. In afternoon trade the energy sector has propelled the index higher by 1% to 5,466 points.
Unfortunately it hasn't be a great day for all shares on the market. Four shares which have been going against the trend today and dropping lower are listed below:
Clean TeQ Holdings Limited (ASX: CLQ) shares have dropped 7% to 58.5 cents despite no news out of the industrial air purification and odour elimination solutions provider. Considering its shares have rallied over 270% year to date, I wouldn't be surprised if today's decline is the result of a spot of profit taking. After all, at 900x sales its shares are looking extremely expensive.
Lynas Corporation Limited (ASX: LYC) shares have plunged 8% to 5.7 cents following the release of its full year accounts. Although in FY 2016 the rare earths producer reported a 32% rise in sales to $191 million, the cost of those sales came in at $211.4 million. This meant that even though operating costs were reduced year on year, the company still posted a loss of $94.1 million. The way things are at the moment I have doubts about its ability to continue as a going concern.
Programmed Maintenance Services Limited (ASX: PRG) shares have been the worst performer today, dropping 15% to $1.63 after it revised down its FY 2017 earnings guidance. Just two months after giving a reasonably positive outlook for the year ahead at its AGM, management has been forced to downgrade its FY 2017 EBITDA forecast from $120 million to $100 million. Investors appear to have lost faith in management following the announcement and headed for the exits in their droves.
Retail Food Group Limited (ASX: RFG) shares have dropped lower by over 2% to $7.09 after announcing that it has successfully completed a Dividend Reinvestment Plan Shortfall Placement. Approximately 5.2 million shares have been placed with institutional and sophisticated investors at $6.85 per share, raising approximately $35.6 million before costs. According to management the proceeds of the placement will be used to support the multi-brand retail food franchisor's capital management initiatives.
