The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its early gains and is up just 0.2% to 5,888 points in mid-afternoon trade.
Four shares in particular have acted as a drag on the market today. Here’s why:
The BT Investment Management Ltd (ASX: BTT) share price has slumped over 4% to $12.43 after the fund manager released its half-year results. Total half-year revenue fell 12.4% to $246.3 million, due largely to a significant fall in performance fees. With its shares trading at around 22x trailing earnings, I would steer clear of its shares until they fall to a more reasonable level.
The Myer Holdings Ltd (ASX: MYR) share price has dropped 3% to 98.5 cents following a weak third-quarter update. Sales in the quarter fell 3.3% on the prior corresponding period to $653 million, leaving year-to-date sales down 1.3% to $2,438 million. Management blamed bad weather in Queensland and Northern New South Wales for the drop in sales.
The Quintis Ltd (ASX: QIN) share price has sunk 30% to 42 cents today. This means the sandalwood plantation manager’s shares have now fallen almost 61% in the space of just two days following yesterday’s shock announcement. That announcement revealed that the company had only just become aware that a major supply contract with Galderma had been cancelled in December of last year.
The Vita Group Limited (ASX: VTG) share price has plunged 29% to $1.59 after the retailer provided a trading update advising that it expects to deliver a record EBITDA result in FY 2017 of between $63 million and $66 million. While this is positive, investors appear to be concerned over the expected changes to its network of Telstra Corporation Ltd (ASX: TLS) stores following the telco giant’s decision to organise its company-owned and licensed stores into geographic clusters.
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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Telstra Limited. Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.
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