The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the day with a disappointing 0.8% drop to 5,729 points.
Four shares which have acted as a major drag on the market today are listed below. Here's why they have sunk lower:
The James Hardie Industries plc (ASX: JHX) share price has tumbled 6% to $17.87 after the building supplies company reported its first-quarter result. James Hardie posted a disappointing 34% decrease in net profit after tax to US$57.4 million. This was largely the result of manufacturing inefficiencies and increased production costs.
The Mayne Pharma Group Ltd (ASX: MYX) share price has fallen 5% to 84.2 cents following the release of a trading update. Although the pharmaceutical company expects to post a 115% increase in revenue and a 145% lift in profit, the market appears to be concerned over the impact competitive pricing pressures is having on its business. Whilst management aims to offset these headwinds, the market doesn't appear to be convinced that it will be able to.
The Trade Me Group Ltd (ASX: TME) share price has dropped 7% to $4.53 despite there being no material news out of the New Zealand-based online marketplace provider. This latest decline means Trade Me's shares are now down 13% from last month's highs. It appears as though some investors are concerned about its full-year results that will be announced on August 24.
The Webjet Limited (ASX: WEB) share price is down 4% to $11.39 despite there being no news out of the online travel agent. Today's decline may relate to a research note out of Morgan Stanley yesterday which revealed that its analysts downgraded Webjet's shares to an underweight rating. I think Webjet could be a great long-term investment option at the current share price.