Although it has climbed off its lows, in afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is lower by 0.1% to 5,737 points.
Four shares which have acted as a major drag on the market are listed below. Here's why they have been hammered today:
The Australian Pharmaceutical Industries Ltd (ASX: API) share price has fallen 11% to $1.56 after the company behind the Priceline pharmacy chain downgraded its full-year earnings guidance. Previous guidance had been for a minimum of 10% profit growth this year, but this has now been revised lower to 5% growth due to weak consumer sentiment.
The Mantra Group Ltd (ASX: MTR) share price is down 7% to $2.73 after the accommodation provider's shares received two broker downgrades. Both Citi and Morgan Stanley downgraded Mantra to neutral ratings amid concerns that the strong Australian dollar could negatively impact tourism. As I expect the dollar to weaken considerably over the next 12 months, I believe Mantra could be worth a look after this decline.
The Select Harvests Limited (ASX: SHV) share price has plunged over 12% to $4.31 following an announcement after the market closed yesterday. According to the release, the almond producer expects FY 2017 profit to come in between $7.5 million and $8.5 million due to increased costs, currency movements, and higher rents.
The Suncorp Group Ltd (ASX: SUN) share price has tumbled almost 6% to $13.66 after the insurance and banking giant released its full-year result. According to today's release, Suncorp posted a 4% increase in net profit to $1.07 billion. As we revealed recently, this was slightly lower than what leading broker Deutsche Bank was expecting.
