In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for its second day in a row of gains. At the time of writing the benchmark index is up 0.7% to 5,599 points.
Unfortunately not all shares have climbed higher today. Four shares in particular have sunk like stones, here's why:
Bega Cheese Ltd (ASX: BGA) shares have fallen for a second day in a row despite no news out of the dairy company. This time Bega Cheese's share price has dropped 4.5% to $3.97 to bring its two-day decline to almost 10%. I suspect the events that have unfolded at Bellamy's Australia Ltd (ASX: BAL) this month could be weighing heavily on its shares.
BT Investment Management Ltd (ASX: BTT) shares have fallen over 6% to $10.42 after investment bank Credit Suisse downgraded the fund manager to an underperform rating. Its analysts have predicted that the key JO Hambro business will disappoint when BTIM releases its quarterly update in January. As the business provides 77% of BTIM's total cash earnings any underperformance will be felt across the company.
Shine Corporate Ltd (ASX: SHJ) shares are down 3.5% to 79.5 cents. This means its share price has now fallen almost 15% since the surprise market update released yesterday afternoon. That update revealed that the legal services company's Energy and Resources practice has significantly underperformed year to date. As a result it now forecasts statutory EBITDA of $36 million to $40 million for FY 2017 subject to the outcome of an impairment review on the segment.
Syrah Resources Ltd (ASX: SYR) shares have dropped almost 5% to $3.00. The only news out of the company today is its plan to change its reporting currency to U.S. dollars. Management believes the change will provide shareholders with a more accurate reflection of the graphite producer's performance. Further, there has been speculation that Syrah could be a takeover target. But with no offer materialising as of yet, speculators may have sold their shares and moved on to something new.
