International share markets mostly traded lower overnight, and the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was tipped to follow. But instead, the benchmark index has charged 0.5% higher to around the 5,770-point mark.
Unfortunately, not every business got the memo: Here are four businesses that are trading lower today:
The Evolution Mining Ltd (ASX: EVN) share price has tumbled another 3.1% today, taking the shares below $1.97 each. Evolution is a gold miner and thus movements in its share price often tend to follow movements in the price of gold. The gold price has retreated in recent sessions and is currently fetching US$1,226 an ounce, down from US$1,257 around one week ago. Investors who aren't so bullish on gold may want to give Evolution a wide berth.
The Navitas Limited (ASX: NVT) share price has come under further pressure today, slipping another 4.4% and adding to yesterday's misery. Indeed, the NVT share price was slammed almost 15% on Monday when the education services provider said that the Commonwealth Department of Education and Training had recommended it as a preferred tenderer for a reduced number of contract regions to deliver the Adult Migrant English Program (AMEP). It has been estimated that this reduction could impact earnings (EBITDA) from that segment by around $13 million in the 2018 financial year and beyond.
The Shine Corporate Ltd (ASX: SHJ) share price has retreated 5.1% today and is now fetching 61.7 cents, down from a 52-week high of $1.57. The market has largely been turned off from the litigation services sector as a result of the controversy surrounding Shine's rival Slater & Gordon Limited (ASX: SGH) (notably, the Slater & Gordon share price is also trading near an all-time low), while Shine's Energy & Resources practice has also underperformed lately. The company recently reported a 15.5% increase in first-half revenue, compared to the prior corresponding period.
The Orocobre Limited (ASX: ORE) share price has been slammed 7% today. The ORE share price is now trading for $2.79, down almost 45% from its 52-week high of $5.05. Short interest in the lithium miner has increased to 13.8% as at 1 March 2017, according to data from the Australian Securities and Investments Commission. The miner also cut its annual production guidance recently, from 15,000 tonnes to between 12,000 and 12,500 tonnes, which could be weighing on the share price.
