The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a disappointing day so far and is down almost 0.4% to 5,729 points after lunch.
Four shares which have acted as a drag on the market are listed below. Here's why they have plunged lower:
The Healthscope Ltd (ASX: HSO) share price has plunged 15% to $1.86 following the release of a weak full-year result which saw statutory net profit after tax fall 38.8% to $110.9 million. Furthermore, the company has forecast operating EBITDA for its Hospitals division to be flat in FY 2018. Despite the sharp share price decline I believe there are better options in the industry.
The Insurance Australia Group Ltd (ASX: IAG) share price has tumbled almost 8% to $6.24 after the insurance giant's full-year results revealed that disaster claims had hit its margins. Although the insurer expects low single-digit growth in gross written premiums this financial year, its forecast for weaker insurance margins appears to have led to the sell-off.
The Sirtex Medical Limited (ASX: SRX) share price has plunged 11.5% to $14.39 after posting a full-year loss after tax of $26.3 million. This loss was largely the result of a write-down of its intangible research assets. A further disappointment was that dose sales grew just 5% to 12,578 during the period, which is well below prior forecasts.
The Reject Shop Ltd (ASX: TRS) share price has sunk 9% to $3.99 following the release of its full-year results. Investors appeared to be very disappointed with the 28% decline in net profit after tax to $12.3 million and sceptical on management's guidance for first-half FY 2018 profit of between $16 million and $17 million.
