Despite a fairly positive start to today's session, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has managed to drift lower over the course of the afternoon. At the time of writing, the benchmark index was trading 0.1% lower to 5,851 points.
The resources and energy sectors have been the clear out-performers today, with weaker contributions coming from the telco, consumer staples and financial sectors.
A number of shares have been sold-down heavily today, including:
CBL Corporation Ltd (ASX: CBL)
The CBL Corporation (known by Google Finance as CBL CORP FPO NZX (ASX:CBL)) share price has dropped 4.8% to $3.19 after the specialist insurer announced that 20 million shares were sold by directors and management after recently coming out of escrow. The shares were sold at $3 each and represent around 8.5% of the total shares on issue. The sale will improve the liquidity of the shares, although investors are understandably disappointed that senior management have decided to reduce their stakes in the business at a fairly large discount to the last trading price. Nonetheless, CBL has some very interesting prospects as highlighted in this comprehensive article.
Auscann Group Holdings Ltd (ASX: AC8)
The Auscann share price has dived more than 8.1% today, despite the absence of any news from the company. The shares have enjoyed a stellar run since listing in February, thanks largely to the Federal government's decision to relax the laws around the importation and production of medical cannabis. However, investor enthusiasm might be starting to wane, and I suspect some traders have decided its time to lock-in profits.
G8 Education Ltd (ASX: GEM)
The G8 Education share price has crashed 5.2%, also on no news. The shares have just started to show some weakness over the past week and this may be a sign to some investors to head for the exits. Although the childcare operator delivered a better-than-expected full year result last month, it is becoming apparent that earnings growth is getting harder to come by and this is going to make it difficult for the company to grow its generous dividend payout.
Metcash Limited (ASX: MTS)
The Metcash share price has plunged more than 4.5% today after reports emerged that the wholesaler is working with IGA retailers and suppliers on a new price matching programmed aimed at winning back market share from the major supermarkets. A recent survey by UBS showed that Metcash was slipping further behind its competitors and this move could see the company invest another $40 to $50 million into reducing grocery prices. Despite today's fall, shares of Metcash have still managed to climb more than 36% over the past 12 months.
