It has been a very disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). With almost every sector in the red, the benchmark index is down 1% to 5,791 points.
Four shares which have acted as a real drag on the market today are listed below. Here’s why they have been slammed today:
The Cann Group Ltd (ASX: CAN) share price has fallen 2.5% to 57.5 cents despite there being no news out of the medicinal cannabis company. Its shares are now down around 11% in the last couple of weeks as investors take profits off the table. Despite these declines, Cann Group’s shares are still up 92% since hitting the ASX boards at the start of the month.
The CYBG PLC CDI 1:1 (ASX: CYB) share price is down 3% to $4.85 after the bank posted a weaker-than-expected half-year result. The market appears to be disappointed that statutory profit before tax came in at £46 million, down almost 21% from the £58 million it posted in the prior corresponding half.
The NIB Holdings Limited (ASX: NHF) share price has tumbled almost 12% to $5.36 after being downgraded to an underperform rating by Credit Suisse. That downgrade came after data released by APRA revealed that although profit across the private health insurance sector rose 18.2% to $1.3 billion over the year to April, net margins in the sector fell from 5.6% to 4.8%.
The OrotonGroup Limited (ASX: ORL) share price has been crushed today, falling a massive 22% to $1.05 after emerging from a trading halt. This morning the retailer released a disappointing trading update which revealed that year-to-date sales are down 11% on the prior corresponding period. As a result, underlying EBITDA is now forecast to be between $2 million and $3 million for FY 2017, down sharply from $12.9 million a year earlier. This is one retail share I would avoid right now.
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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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