It has been a great day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the benchmark index is up a solid 0.9% to 5,808 points.
But not all shares have been able to follow the market higher today unfortunately. Four shares which have sunk lower are listed below. Here's why they are in the red:
The Aveo Group (ASX: AOG) share price has fallen over 4% to $2.73. Although its shares have come under pressure this week following an investigation into its practices. The majority of this decline can be attributed to its shares going ex-dividend today.
The Bubs Australia Ltd (ASX: BUB) share price continues to sink lower, this time by 3.5% to 27.5 cents. This is the third day in a row of declines for the infant formula and baby food company and appears to be a case of profit taking. Bubs' shares are still up over 103% month-to-date thanks to a positive announcement last week.
The Slater & Gordon Limited (ASX: SGH) share price has tumbled 3% to 8.9 cents after the embattled law firm announced a deal that will leave it with just $30 million of debt. Hedge fund and private equity owners have written off the debt in exchange for taking a 95% equity ownership interest in the business. Although this is arguably a big positive, it has diluted existing shareholders significantly.
The Virgin Australia Holdings Ltd (ASX: VAH) share price has dropped 3% to 16.5 cents. Today's decline is likely to be in response to a rise in the oil price overnight. According to Bloomberg, West Texas Intermediate crude rose 1.1% to settle at US$44.74 a barrel. This is the fifth session in a row of gains and comes following reports of a decline in U.S. production.
