Thanks to positive offshore leads, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has started the week off on a positive note, rising 0.49% to 5,749 points.
The materials, utilities and gold sectors are leading the market higher today, although the same can’t be said for the energy and industrials sectors.
Despite the strong start, a number of shares have missed out on today’s gains including:
Primary Health Care Limited (ASX: PRY)
Shares of Primary Health Care have slumped another 2.2% today following the news that its CEO and managing director, Peter Gregg, has resigned from his position after being charged with corporate misconduct charges. The resignation announcement was made by the company late on Friday afternoon and comes after a week which saw the shares fall around 7%.
Liquefied Natural Gas Ltd (ASX: LNG)
Shares of Liquefied Natural Gas have dropped more than 5% today after receiving a ‘speeding ticket’ from the ASX. Its shares spiked sharply on Friday on no news and the company has confirmed today that it is not aware of any information that could explain the recent share price movement. Interestingly, Friday’s trading volume was the highest since the company was linked to takeover speculation back in June 2016.
BT Investment Management Ltd (ASX: BTT)
Shares of BT Investment Management have slumped by as much as 3% today after the British pound fell to three-month lows on the back of concerns that the UK could make a ‘hard’ exit from the European Union. The shares have managed to recover some ground mid-way through the session, although other UK-exposed companies are also under pressure today including CYBG PLC (ASX: CYB) and Henderson Group plc (ASX: HGG).
Caltex Australia Limited (ASX: CTX)
Shares of Caltex have dropped around 1.5% today, despite the absence of any news from the company. I suspect the shares are likely to remain under pressure until further information is known about the potential impact on profits following Woolworths Limited’s (ASX: WOW) decision to sell its fuels business and enter a strategic partnership with BP. Since the transaction is subject to extensive regulatory approvals, it is likely that the uncertainty will be lingering over investors for some time to come.
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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.