It certainly has been a disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.5% to 5,843 points due largely to heavy declines in the financial sector.
Five shares which have acted as a drag on the market today are listed below. Here's why they have sunk like stones:
The Ardent Leisure Group (ASX: AAD) share price has fallen 3% to $2.05 following the release of its monthly business update. According to the update, theme park visitor numbers fell 36.7% in March and April, with unaudited revenues of $9.6 million falling 39% on the prior corresponding period. As a result its Theme Park division is expected to report an EBITDA loss of between $2 million to $4 million this year.
The Commonwealth Bank of Australia (ASX: CBA) share price has tumbled 3% to $82.84 after the release of an underwhelming third-quarter update. A rise in consumer arrears and margin pressures appear to be a cause for concern for investors. Concerns over a bank levy are also weighing on its shares today. Commbank's shares would have to fall a little bit further before they would become good value in my opinion.
The Harvey Norman Holdings Limited (ASX: HVN) share price is down 5% to $4.07 after the Australian Bureau of Statistics released its latest retail sales data. Retail sales came in lower by 0.1% in March, versus market expectations of a 0.3% increase. Rival JB Hi-Fi Limited (ASX: JBH) has also fallen sharply on the news.
The Ten Network Holdings Limited (ASX: TEN) share price has dropped 5.5% to 25 cents. Today's decline is likely to be the result of profit taking following yesterday's meteoric rise. Media shares rocketed yesterday amid rising expectations that the government will lower or remove its media ownership laws and broadcasting fees.
