Local investors are enjoying a surprisingly strong session today with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) rising more than 1% to 5,808 points.
The financial and energy sectors are leading the market higher today, although the same can't be said for the gold and utility sectors.
Four shares that have well-and-truly missed out on today's rally include:
Myer Holdings Ltd (ASX: MYR)
The Myer share price has fallen nearly 4% today after the department store owner played down the prospect of a potential takeover. It comes after the shares spiked more than 18% yesterday on the back of speculation that Solomon Lew may have purchased a sizeable stake in the business. However, the company said in a statement today that "Myer has not received any communication in relation to yesterday's trading or any corporate activity".
Tox Free Solutions Limited (ASX: TOX)
The Tox Free Solutions share price has slumped nearly 2% today after the waste services company announced that it had lost a contract with Chevron to provide services on Barrow Island. Tox Free has been operating on Barrow Island for the past seven years but will cease operating there at the end of this financial year. Unfortunately, the lost contract is expected to reduce the company's FY18 EBITDA by between $1 million to $2 million.
Resolute Mining Limited (ASX: RSG)
The Resolute Mining share price has dropped more than 4% today after the gold miner announced it would be temporarily suspending its Ravenswood operations ahead of the landing of tropical cyclone Debbie in North Queensland. The company has noted that quarterly gold production is not expected to be materially affected, although I suspect some investors may be concerned that the cyclone may cause significant damage to various pieces of infrastructure at the mine site, as well as to the surrounding area.
NIB Holdings Limited (ASX: NHF)
The NIB Holdings share price has fallen nearly 1% today, despite the absence of any news from the company. The shares have been an outstanding performer over the past 12 months and I wouldn't be surprised if today's move is the result of some investors deciding to lock-in profits. Although the private health insurer delivered an impressive first-half result last month, the shares are beginning to look fully valued as they currently trade on a price-to-earnings ratio of around 22.
