Weak offshore leads have dampened investor enthusiasm today and this has seen the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) fall 0.15% to 5,865 points.
The resources and gold sectors are bucking the broader market trend today, although the same can’t be said for the telecommunications and utilities sectors.
Four shares that have really struggled for investor support include:
Vita Group Limited (ASX: VTG)
The Vita Group share price has crashed more than 15% today following a story published by the Fairfax Press that claims Telstra Corporation Ltd (ASX: TLS) is considering taking back high performing stores from licensees. If accurate, this would be another blow to Vita Group which only recently renegotiated some of its contract terms with Telstra. The company has responded to the article and noted that its Master Agreement with Telstra extends to 2020 and any significant changes to it are subject to mutual agreement.
TPG Telecom Ltd (ASX: TPM)
The TPG share price has dropped more than 3.1% today, despite the absence of any news from the company. The shares have enjoyed a nice run over the last month, so some investors may be locking in profits. Some sections of the market may also be sitting on the fence ahead of the mobile spectrum auction that is scheduled for later this month. TPG is expected to bid in the auction against the likes of Telstra and Vodafone in an attempt to develop its own mobile network.
Blackham Resources Ltd (ASX: BLK)
Blackham Resources is one of the few losers from the gold sector today with its share price falling around 4.8% to 40 cents. It follows on from a terrible day yesterday after the gold miner slashed its FY17 production guidance from 60,000-70,000 ounces to just 42,000 to 51,000 ounces. Blackham has blamed recent heavy rainfall and lower-than-expected mill grades for the downgrade.
Bubs Australia Ltd (ASX: BUB)
The Bubs Australia share price has plunged 5.5% today, despite no news from the company. In fact, the baby nutrition company hasn’t released any market sensitive announcements for around four weeks. This lack of news flow could partly be the reason for today’s fall as the shares have been heavily supported on the back of frequent announcements relating to new distribution deals with the likes of Coles, Costco and Chemist Warehouse. However, the company is still a long way from turning a profit and I suspect many investors are waiting for confirmation of rising sales before jumping in.
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Motley Fool contributor Christopher Georges owns shares of TPG Telecom 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.