It has been a disappointing end to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). As we approach the market close the index is down sharply by 0.8% to 5,739 points.
Four shares which have acted as a drag on the market today are below. Here's why they've sunk lower:
The Automotive Holdings Group Ltd (ASX: AHG) share price has sunk 4% to $3.90 after the automotive retailing company released its half-year results. Investors clearly weren't impressed with its 11.1% drop in operating net profit after tax. Furthermore, the company advised that it expects a review of finance and insurance commissions to impact its business.
The Myob Group Ltd (ASX: MYO) share price has tumbled 7.5% to $3.49 despite there being no news out of the company today. The accounting software provider saw its share price rocket higher yesterday following the release of its full-year results, but those gains have now been wiped out with today's decline.
The RCG Corporation Ltd (ASX: RCG) share price has plunged 15% to $1.18 despite the retailer posting a 31% increase in profit to $21 million. The sell-off is likely to be the result of management downgrading its full-year EBITDA guidance from $90 million to between $85 million and $88 million. Tough trading conditions since Boxing Day are the reason for the downgrade.
The Rio Tinto Limited (ASX: RIO) share price has fallen 4% to $62.85. Today's decline is likely to be due to continued weakness in the iron ore price. Just a couple of days ago it looked as though iron ore could break through US$100 a tonne. But overnight the benchmark 62% fines dropped 3.1% to $91.34 a tonne according to Metal Bulletin. Iron ore futures are pointing to further declines tonight, which could be bad news for the miners on Monday.
